In tomorrow’s world, how will we obtain financial advice? Will technology, in the form of fintech, robo-advice and clever apps, meet all our financial advice needs and remove the need for human interaction?
It’s possible, but highly unlikely. Technology will be part of the solution but we need to remember two things. One is that people buy people — we gravitate towards people who understand and know how to communicate with us. It will be extremely hard for even the best robo-advice tool to completely replace a good financial advisor who can use their judgement, skill and expertise to help manage complex financial issues.
Secondly, financial advisors are very adaptable in the face of change. They have to be. And CoreData’s latest report, based on the views of over 200 US financial advisors, spells out why.