No matter how far technology advances, personal relationship and customized advice can never be replaced by technology, which leaves me to discuss some of the limitations inherent in robo-advisors.
A financial advisor can help you in so many ways beyond just potentially improving investment returns. We can help you prioritize your financial goals and develop a plan to help you work towards them. We can help you simplify the complex issues that are rife your financial life. We help our clients develop plans to pay down debt or fund children’s education. These are things that a computer can never replace.
Computers may be able to help with investment management for the tech savvy younger generation and may even become more beneficial in overall portfolio management, but they will never replace the relationship with a professional, client focused financial advisor whom you can trust.. I, personally have seen clients start their family, have a grandchild, sell a business, begin retirement, even to the conclusion of all such planning at the end of one’s life. No algorithm, no matter how sophisticated, will ever be able to replicate those experiences and relationships.
My hope in the end is that every investor going it alone can find an advisor living or computerize that they can trust and understands their goals and needs.
Another Thought From the Factory on Main
Best Wishes and until next time
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.