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Op-ed: Robos offer more support than you think

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As technology advances so do the inevitable various options to buy things online. Stocks can be bought cheaply at discount brokers – full service research stock brokers pined about that and still do. However, due to the fact that robotic systems can’t handle the many leveled issues surrounding wealth management including the coordination of estate protection and taxation all in one go (yet), the algorithm controls still remain with human heads and experience or a team of coordinated human experts. What’s it mean for advisors? Don’t put all your professional eggs in one basket – diversify, get multiple disciplinary licenses (insurance/tax/trust law) and take more courses to make yourself valuable. Then again, if you’re patient enough, you’ll eventually see that the robotic online systems will show their weaknesses over time – as they inevitably will as they are after all devised by and run by humans- with server crashes, corrupt data and online security issues becoming issues besides the basic years they will create poorer returns than other invested portfolios that will send many clients back to human systems and trusted relationships. My advise is, if you are an advisor, don’t become a robot.

Tuesday, May 3, 2016 at 3:14 pm Reply