Future Proof is fun, friendly and a great place to get deals done. Not so long ago, the idea of attending an outdoor, socially-driven event would have been glossed over. Business on the golf course, maybe. The beach, no way. But, the world has changed, and this year like last, there was a loud hum of conversation, a buzz of excitement and plenty of executives reporting they were having quality meetings and making deals. This may become “the must-attend event” going forward.
That’s why I want to share a few unbiased ideas I took away from the event:
The Lifetime Value of a Client
In one session I attended, Michael Kitces presented on advisor marketing with a breakdown of time-based vs dollar-based client acquisition spend. It was a gentle reminder that our industry has two main book-ends: client acquisition and client retention. We need both to grow. Technology can help. Spend decisions should be evaluated through the concept of "the lifetime value of a client." If you find yourself saying something is expensive, pause and ask yourself "compared to what?"
Are We Giving Gen X the Love and Attention it Needs?
Spoiler Alert: No. During the CEO Roundtable, panelists discussed a crisis of confidence with Gen X. As this generation will be recipients of the bulk of the generational wealth transfer, advisors should be spending more time with them than they currently do. Yet we know that many advisors are starved for time and spending too much of it on non-client (or non-revenue generating) activities. Leverage technology to help. Now more than ever, we need to evaluate and build workflows and automation to free up bandwidth for more valuable work.
AI was the Real Headliner
There was a lot of discussion on AI (no surprise). Most people are in agreement that it will evolve our industry. The biggest questions are how and when. Early wins were shared where AI is working to advance content creation, meeting preparation, compliance and supervision. A word to the wise: Take it slow and ensure AI projects benefit the human side of our business. In other words, AI needs to work for humans vs humans working for AI.
Two minutes wasn’t enough? Get in touch with Jaci Stanton for more about this conference.
