Is the Wholesale Account Executive going extinct in the age of AI….continued

 

The objective of the AI model is to take humans out of the loop wherever possible. The driver is to cut costs, and of course humans (especially sales humans) are the largest cost in an organization. The other objective is growth. It is easier and faster to scale technology than a high-quality workforce.

Also, consider this… who does cutting costs and rapid growth benefit the most: shareholders. For that reason shareholders will almost always choose to put their investment dollars into maximizing AI, not into developing and supporting their human workforce. If you think I feel shareholders are wrong for doing this, I don’t. We all work in our own self-interest, and they are simply working in theirs.

Human-First organizations, on the other hand, optimize for human connection and trust, not growth. For that reason they are less attractive to shareholders. And for that same reason they more attractive to the really good Account Executives who want to be part of an organization where their experience, knowledge and ability to engender trust are valued above everything else.

There is a precedent for the kind of organizational split we are seeing today with AI. A similar thing happened to traditional stock brokers in the 1990’s. That was the era when the large high-tech discount brokers (think Schwab, Fidelity, Vanguard) entered the scene. Their appeal was 24/7, self-serve stock trades over the internet. It was very efficient and attracted a lot of customers. But it did not serve the needs of customers who wanted a trusted guide to calm their fears about making a wrong decision with their life savings. For that they wanted somebody with experience they could look in the eye. It is not coincidence that this was also the time when Human-First organizations in the form of Wealth Management companies saw their maximum growth. To this day the ratio of customers that opt for each type of organization remains around 50/50.

So what does this mean for a high-value AE who is looking at the AI train bearing down on them. The short answer is to become part of a Human-First organization that values them above technology and where they can connect with customers that also value them above technology.

OK, here comes my self-interested pitch.. NewPoint is a Human-First organization. How do we show it? Fantastic commission…75bps, support creating and marketing your own personal brand, open territories, remote work, direct access to underwriting and operations, leadership and equity opportunities for long term contributors, and last but not least…we have a lot of fun.

Schedule a meeting and we can talk more

Mike Quintero
President
NewPoint Mortgage LLC
mike.quintero@newpointmortgage.com
(301) 591-6404