A recent study from Boston-based Cerulli Associates found that advisors are more than 10 times more likely to contact clients via social media (23.6 times a year) than to meet with them in person (2.1 times annually). That concerns me for many reasons, not least of which is social media cannot offer the same support or client experience as a phone call or face to face meeting. Equally, the growing media focus on robo advisors suggests to some that this automated platform might someday replace the advisor-client relationship. But in my mind, technology should assist our communications, not replace all human aspects of it.

I just read an interesting book called, Deep Work: Rules for Focused Success in a Distracted World which deals with the challenges associated with today’s Internet age and the heightened expectations around 24/7 communications. I’d read The Shallows: What The Internet Is Doing To Our Brains earlier, which also gave me pause concerning the benefits we attribute to most things related to technology. The truth is, technology in and of itself is not a solution and unless we are strategic and conscientious about its use, there can be unintended and sometimes negative consequences to overly relying on digital communication channels.

Tags: Financial Services