Conventional wisdom suggests we delegate to a financial adviser because they have the time and expertise to help us achieve our financial goals. The truth may be a little “darker”. It seems “Delegators” just need someone to blame if things go wrong. Michael Kitces, Head of Planning Strategy at Buckingham Wealth Partners had a good look…
Financial planning advice is a slow, expensive and, it seems, unprofitable business. Firstly, it can take weeks or even months before a comprehensive statement of advice is ready. Secondly, research conducted by KPMG and commissioned by the Financial Services Council found the average cost of providing comprehensive financial planning advice is $5,335 a client, while…
Humans are slow and expensive while robots are fast and cheap to operate. Unfortunately, robots can’t read behavioural cues like a human can and pivot immediately with high accuracy. Their algorithms just aren’t there yet. What we need is a cyborg adviser, “enhanced” to do what a robot can do while managing the emotional flow…
Assuming you are one of the 80% of Australians without a financial adviser, where would you go for investment advice? In the old days, the minute the money hit your bank account the branch would swing into gear and the deposit would probably end up in a suite of bank products they hope will help…
“In the future all companies will be IT companies” was the throwaway line from a keynote speaker at an Amazon conference I attended. Will “people businesses” like financial advice become IT businesses? Can a robot do a better job? Firstly, the current financial advice process is slow and expensive. It can take months from an…
