Skip to main content
financial planning

The rise of the robots?

This RECENT REPORT from Vanguard looks into how much investors value financial advice, and where they believe we add money.

It’s an interesting, albeit lengthy, read – thankfully the first page summarises the other 21 nicely.

My own observations are as follows:

  1. There’s much said about how robo advice will diminish our careers and leave us feeding on scraps. But this report reassures me that it doesn’t need to be that way.
  2. We will keep doing what only we can do but better and leave to technology what it does best. Hasn’t that been true of all successful industries and professions for the last 100 or so years? There is no new news here.
  3. TCFP is already on that path, but perhaps we can jog along it quicker.
  4. For example, we use cashflow forecasting software, a client portal and Zoom because using pens and paper, printing and driving for hours for meetings rarely serves any useful purpose.
  5. In 2014 TCFP used none of these tools. 8 years later and many IFAs use none of them, a fair few use one or two of them, but very few use all three.
  6. Meaning we are already “best in class” and getting better.
  7. The report makes clear (to me at least) that it’s our humane interactions and interventions that make the difference and will do so more in the future.
  8. We simply need to be braver, bolder and more compassionate.
  9. That way the future will be more magnificent than we can imagine.
  10. For us and our clients.

Boring But Effective | Truthful, Helpful, Kind 

Leave a Reply