Between Sessions is a recurring discussion of the impact of digital technology on business models in financial services. The format is simple: a conversation between Blane Warrene and myself, during which we explore a wide variety of topics – technology, communications, public relations, branding, marketing, compliance, security, privacy and more – in this evolving, new digital era.
The name refers to those often most valuable conversations among participants at a conference or event that occur “between sessions”.
Rundown from March 17, 2015
Blane and I kicked off our conversation by discussing Kristin Harad’s Implement Now (Twitter hashtag #INow15) virtual summit on practice management for financial advisors. Both of us joined a group of 22 experts from March 16-20, 2015 discussing everything from marketing to technology and security.
Picking up on the topic of content curation, Blane asked my opinion on scheduling social media posts versus focusing on having all social media engagement in real time. I strongly support scheduling content sharing in order to accommodate business work schedules, commitments to clients, and travel. The key issue in my mind is to ensure that you are sharing high-quality content and crafting individual, contextually relevant messages that add value to the content for your audience.
The Disruptor Array
We discussed an excellent article in the March/April 2015 edition of the CFA Institute magazine, called The Disruptor Array.
This excellent piece discusses the disruptive forces transforming many industries, including financial services, and how to respond as an investor. It starts by helping readers to understand the concepts of exponential growth and simplification – both of which are key to understanding how and why business models are being disrupted and disintermediated.
“Automation is going to take over every single repetitive task.” Robo-advisors in financial services are an early indicator of this trend. In fact, the entire #fintech space is focused on deconstructing banking and financial services into it component parts and automating these parts so they are better, faster and often cheaper.
Responses offered for investors also have relevance for business leaders in #finserv:
1. Pay attention to innovation
2. Understand difference between additive and disruptive
3. Old firms can develop new tech
4. Beware of virtuous cycle
The Trillion Dollar Social Capital Industry
With all this talk of disruption, what should you be doing? Building social capital, of course.
This article captures the essence of what social networks and social networking is all about: adding value to and accruing goodwill from your networks. Human knowledge-building activities will be increasingly important during this disruptive transition, as repetitive knowledge operations are automated. Building social capital is about being adaptive and learning on the fly; it’s about building networks of value to which you a contributor and beneficiary.
Partners in Crime: The Power of finding you creative collaborator
Finally, we discussed this excellent article on the power of collaboration.
I loved this article because it describes the ideal of how I see my working relationship with my clients. I strive for those creatively additive situations where the whole is greater than the sum of the parts.
Blane liked the end of the article because it offers excellent tips and suggestions on how to collaborate more effectively.
In a way, Blane and I have become collaborators in bringing our conversations to Youtube, so this is a relevant article for both of us.
As always, we encourage you to listen in and give us feedback. Let’s continue the conversation below.
Thanks for paying us with your attention.