I consider myself someone who stays current with modern technology and new ways of doing things. However, sometimes these changes aren’t always beneficial for the end user. One of my biggest gripes as a consumer is self-checkout lanes. Many major retailers have adopted this self-service model for their checkout process. When I only have a few items that are straightforward to scan, I don’t mind self-checkout because it can be quicker than waiting in a regular line. But when I have a lot of items that may need weighing, sorting, bagging, and loading into my cart, I need assistance to get it done efficiently and quickly. The issue arises when stores rely solely or mostly on self-checkout, putting this unwanted burden on customers.
We all understand why stores are doing this. They’re turning customers into unpaid staff, saving on wages and tackling hiring challenges. The cost of theft is outweighed by the savings, and there’s always “staff” available to check you out. Studies suggest customers prefer this process, but I hear plenty of complaints about the lack of service and the DIY aspect.
I often liken Vanguard to the Walmart of investment options. They likely have what you need, but you might have to find it yourself, load it, and check out on your own. Recently, Vanguard has taken steps to further solidify this DIY approach with technology. According to a Thinkadvisor.com article titled “Vanguard Warns Clients to Hang Up and Log In, Or Else,” the company’s new policies outline customer expectations, costs, and consequences for noncompliance.
Essentially, as per the article, Vanguard expects clients to primarily use digital channels for account interactions and communications, including e-delivery, their website, mobile app, instant chat, and a secure message center. If the asset manager begins charging for access to its team members or even terminates accounts for excessive phone calls, customers worry that this giant asset manager is moving away from its historically low-cost customer service model.
While these changes may appeal to some customers, many people still value the expertise and personal touch that a dedicated financial advisor provides over automated interactions. At LeConte Wealth, we’re committed to enhancing customer service through new technologies that improve access, streamline internal processes, and efficiently develop detailed financial plans—all while maintaining the personal relationships our clients expect. Ultimately, we want our clients to feel assured they have a team dedicated to utilizing all available resources to deliver top-notch investment, tax, and financial planning services. If you seek a more personal approach from your financial team, we’d love the opportunity to meet with you.
