I’ve always loved technology because it has a way of reshaping just about everything we do. Take groceries, for example—I can tap a button on my phone and have fresh ingredients waiting at home, without the hassle of stopping at the store. The same shift is happening in the financial world. Mobile banking means I don’t have to set foot in a branch to make a deposit anymore and investing apps (plus a growing dose of Artificial Intelligence) are changing the way we save, spend, borrow, and invest.
As empowering as AI and technology are, it begs the question: if I can do so much on my own with the help of technology, do I still need a financial advisor? The simplest answer: ABSOLUTELY. Here’s why…
AI and Technology can give you instant answers, making financial decisions fairly efficient. There are apps to help you budget and even rebalance your investment portfolio with the tap of a screen. Algorithms are used to shape your financial picture and can tailor guidance down to your spending habits. Much like my grocery shopping, AI can make things quick and easy so you can focus on what’s important – life.
However, where technology falls short is that no matter how advanced an app is, that robo advisor can’t see the whole story. Algorithms won’t know what keeps you up at night, how important things are for you to pass down to your children or even how you might want to balance your risk and the different factors that contribute to the decision. While AI can deliver numbers and data, it doesn’t replace the relationship you build with your advisor, sit down with you to chat about starting a business or discuss the right time to retire.
An advisor can bring perspective during market downturns, life planning and goals that expand beyond your immediate family and offer advice that encompasses what matters most to you – not just what the numbers say. Having an Advisor gives you the added value of discussing competing priorities such as paying off debt vs saving and investing and help you to navigate the complexities. At the end of the day, we believe the value of human guidance is unsurpassed.
At Marshall Financial Group, we believe in the whole story- not just the numbers. We want to know your goals of retirement, legacy, and everything in between to help guide you in achieving it. We strive to be best in class and technology is at the top of our list, right next to service. Our Advisors and team utilize the technology and align it with your goals for a blended approach. Together, you get smarter decisions, empathy and a long-term perspective. After all, technology can simplify, but Advisors strategize because your future deserves more than an algorithm.