In this episode of the ShiftShapers Podcast, host and Chief Transformation Strategist David Saltzman chats with Ryan Sachtjen, Co-Founder at WatchTower to discuss some 21st-century technological innovations that help advisors use more of their time facing clients and selling.
Ryan goes into intricate detail on common RFP issues today and how automating workflows of companies can positively affect the bottom line. He also discusses what the future holds for brokerage firms that could lead to significant shifts in industry.
What You’ll Learn From this Episode:
- 02:03 Figure out scalability issue to maintain levels of customization
- 05:18 Looking for the right technological solutions (SMB vs mid to large market)
- 06:57 Brokerage firms: Investigating workflow problems
- 08:52 RFP issues and automating workflows of larger companies
- 13:39 Finding technology that fits the firm
- 17:30 Technology to sell more and affect the bottom line
- 22:10 The future of brokerage firms
05:17 “And what we see brokers doing, at least initially, is trying to figure out alignment within their own organization which has been very key of driving a level of success of specializing in different areas. And then looking for, once you’ve done that effectively, looking for the right technology solutions that fit their needs, right? And so they can be different.”
06:24 “Because at the end of the day, the solutions that they want to be using are the ones that allow for them to spend the most amount of their time advising. That is the purpose. That is utilities which they serve. That is what they’re really good at. And so for them to be able to offload some of this other stuff and use technology to help leverage that, I think is a real difference. And you’re seeing a real shift in the market.”
09:30 “The pain points that we’re hearing from them really correlate to helping solve sort of their RFP problem. I have this obligation to my customer at some frequency of cadence which typically is in a renewal cycle of ‘I need to go make sure that what we have in place with the current insurance carrier is the right fit.’ And so my core function at this moment is to make sure that is true. And that typically results in RFP event, in RFP activity for these firms.”
15:52 “The challenge is, like you said, you don’t have necessarily the revenue to be as loose with our spent as you maybe could 10 or 15 years ago. And so, what I think those firms need to do is figure out what are those big impact technology items that they can implement reasonably speaking within their firm that really helps drive those efficiencies. And that’s a key and it’s a very sort of north star element that we have here is how do we help build technology that helps facilitate and be helpful to all of the parties because when that occurs, again, the outcome for the customer is improved.”
20:13 “I’m seeing there is a lot more urgency on actually the carrier side because a big issue here of what needs to happen is, there needs to be some investment on the carrier side to help optimize for this outcome of having things be sort of shared and communicated in more of a digital environment. And I would bet that, if you went to the leadership conference of a number of these carriers, one of the pillars of the four pillars of success for 2020 would be something along the lines of digital fill in the blank.”