8 ID Trends NAILBA
FinTech world from page 7
A healthy mix
Worries about cybersecurity and slow response times are ultimately about trust – today , everyone is anxious about their online data and their ability to avoid sudden catastrophe .
Human accuracy also plays a role as human error is part of life , and robo-advisors are also built by humans . What we have that robo-advisors don ’ t , though , is human intuition . Unlike us , a robo-advisor cannot deduce a client ’ s question is actually about a seemingly unrelated topic , or that cultural or societal context means we should focus on something else a client has left unspoken . None of us are better mathematicians than an algorithm , but only we can truly determine if clients provided incorrect or incomplete data in the first place . That ’ s probably why the survey found 69 % of robo-advisor users have a human advisor too .
Digital-first youth
Despite having their own disadvantages , robo-advisors are here to stay , and we are trending toward a world where simpler financial questions , especially for younger adults , are typically answered by digital tools . Meanwhile , human advisors will increasingly focus on more complicated topics around marriage and children , homeownership and wealth accumulation . Nobody uses a travel agency for a flight from New York to Dallas – but an African safari is another story .
This can be dangerous when younger people don ’ t know what they need – usually products like disability insurance – or when embarrassment about their financial situation holds them back . Recent generations grew up in a world where any question can be answered with a 2:00 a . m . Google search , but they still must know which questions to ask . These tools can offer valuable information without selling anything , establishing our credibility and laying the groundwork for our likeliest future clients .
Profound change to financial services has become inevitable , but the human aspect of our profession will remain intact in a digital future . For advisors looking to win the twenty-first century , using technological tools to bring their personal touch to clients will offer a road to success .
None of us are better mathematicians than an algorithm , but only we can truly determine if clients provided incorrect or incomplete data in the first place .
Clay Gillespie , BBA , CFP , CIM , FCSI is a Financial Advisor with RGF Integrated Wealth Management ; helping Canadians retire for over 25 years . He ’ s a Qualifying and Life Member of MDRT and a Top of the Table Qualifier .
The views expressed are those of the author ; not necessarily those of RGF Integrated Wealth Management , which makes no representations as to their completeness or accuracy .