This Just In ...
The Human (or Robo) Advantage in Financial Planning
Technological advances in the financial planning industry include member access to interactive online planning tools. The tools allow members to calculate how much they need for retirement or how much they need to save to live a comfortable lifestyle. But when considering serious financial advice, most individuals also want the human touch.
A study commissioned by MDRT, a trade association of financial professionals, and conducted by The Harris Poll, examined what more than 2,000 consumers think of using technology in financial services. Eighty percent of Americans surveyed said that technology shouldn't replace the services of a human financial advisor but should be complementary. The main reasons given for working with a human advisor was the opportunity to build a trusting relationship, closely followed by the desire for a high level of human interaction and ease of communication.
However, millennials, those between the ages of 18 to 34, are more willing to rely only on technology. About half of the respondents said they would trust a robo advisor to effectively manage their financial plans, while the other half would not. Some believe assessments would be more accurate and costs would be lower with a robo advisor.
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