I came across an article in Wealth Advisor that I thought was interesting and wanted to share some of the information in this week’s Word on the Street. The article, “Tech Will Not Replace Advisors, Say 84% of US investors” addresses the impact the digital age has on advisors. One thing I found interesting in the article is that the impact is not nearly as big as perceived when you look behind the curtain.
Of surveyed investors, 24% currently use automated investing technology for their own investing without the assistance of an advisor. But 56% of those investors also said that they would prefer working with an advisor who would use automated investing tools on their behalf. Note, just because investors prefer an automated experience doesn’t mean that they prefer to do it completely on their own. In fact, around 73% of all participants surveyed said that they feel the benefits that come from professional advice are worth the cost. Don’t eliminate yourself from the equation because they want an automated platform. Add yourself to the equation by using Starlight Portfolios to complement the services offered to your clients and to continue the professional guidance they feel is so important as well. What is important to these investors is not the cost; it is the access to an automated platform with professional advice.
Like the article said, “84% think that financial advisers will always be needed and will not be replaced by automated investing technology”. What I think is more important is what it didn’t say but implies: advisors that don’t adopt automated investing technology will be replaced by those who do.
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Contact Micah Hesting for more information:
Advisor Relationships/Business Development Strategist