We, as advisers (and for our own sake as parents) can’t afford to ignore how the next generation – our future clients – think. I don’t want to sound condescending. I think it’s us ‘oldies’ that need to change / adapt etc. Disrupt or be disrupted they say. The Gen Y’s, Gen i’s, the 7 year old next door – they re all thinking, thinking, can’t stop thinking. My 10 year old son can’t sleep when he goes to bed because his brain won’t stop – could be chemo brain though 🙂 He has ‘tons’ of ideas for designing games and things like that. He wants to make one but read that in Australia you can’t incorporate a company until you are 18. And we wonder why all the kids are going to the Silicon Valley where there is zero age restriction to do so.
I’ve been seeing quite a few posts from those who attended the AdviserEdge conference in the last couple of weeks, plus a few more bloggers are now on Linkedin! Great to see. It was great to listen to Richard Arnold talk about what is in store ahead and how the world may look in the future. I liked his idea of a graph with a line across the bottom with an X in the middle – with arrows pointing left to the last 40 years and right to the next 40 years. He’s a futurist – and an inspiring one. He talked and we listened. My wife Marnie used to tell me when I arrived from England 20 years ago I used to look to much to the past. Now it’s definitely the that future really excites me.
Wikipedia defines a futurist (‘futurology’?) as:
Futurists or futurologists are scientists and social scientists whose specialty is futurology, or the attempt to systematically explore predictions and possibilities about the future and how they can emerge from the present, whether that of human society in particular or of life on Earth in general.
I just randomly googled ‘Disrupt or be Disrupted’. Loads of stuff as you might expect. Didn’t spend too long analysing but copied an excerpt below (courtesy of a Trudy Bourgeois).
Companies are disappearing right in front of our eyes because of a lack of leaders who are willing to respond to change. Take Blockbuster or Kodak as examples. Both at one time were leaders in their perspective industries and both experienced a dramatic decline. Why? Because of a lack of willingness to recognize that the world — and their customers — had changed.
So I am wondering, as you read this right now, when was the last time you pulled over to examine your ability to meet the needs of the people that you serve? If you haven’t maybe you should because here is the reality…
You can either disrupt or be disrupted. You can either do it, or it is going to be done to you. It’s really as simple as that.
On my way back from AdviserEdge – an awesome 3 days of knowledge, insights & community – I had some new experiences that amazed me, yet they seemed so normal in today’s world. Flew with Qantas, didn’t have to speak to anyone from Qantas the whole trip (unless you count the screen telling me to step back from my bag). Everything was scanned, barcoded and printed before my eyes and before I knew it I was home. No queues no people no stress. Most of us have experienced this.
Then I dropped off the rental car. It (the car) was barcoded. It was scanned when I pulled up. No queues no paper no speaking to anyone. Just smile and wave. A fantastic and effortless experience.
I got home, held up my iTunes voucher to my iMac and the thing scanned it. I didn’t need to type in my code (that would be way too much like hard work). Instantly $20 credited to my account – which my kids instantly spent….
We in the financial services industry know things are changing. Yet try and get a client an Statement of Advice in a reasonable time and in a manner that gives the client a great experience like the 3 above I had? hhhmmmm. Yes I know it’s just a compliance document blah blah but thats not really the point.
ASIC are so far behind the way we need to deliver advice to our clients. Maybe that’s my point (and it’s really frustrates me – and not just me obviously). As an Adviser sometimes I feel like Calvin in caption 2 with ASIC as the teacher…..