Money Glee Monday #22 - Robo advising, is it here to take over advice?

If you have noticed the rise of technology, you may have been living under a rock, hopefully a comfortable rock though :)!

A big part of technology and the discussion in financial advice has been robo advisor's & their effect on the financial services industry in Australia & globally. 

According to IFA, Gen Y's prefer face-to-face financial advice rather than robo advisor's. While in some ways this is surprising as Gen Y's seem to be damn addicted to their phones, in other ways it is not surprising & refreshing. It shows that whether it be financial planning, coaching, friendships or family interactions we still as humans want and need social and human connection.

Looks like the pencil might stick around for a bit longer!

Looks like the pencil might stick around for a bit longer!

Not to go all sentimental on you here however it makes sense to connect in person & what is it that robo advising lacks?

  • Is it able to take into account your life plans and goals as an emotionless algorithm?
  • What about when you change, can it adjust to meet your changing needs?
  • Not sure about you however I've not had too many good conversations with a computer before? It will come though we're sure ;) haha
  • How can it help you to clarify what is really important to you & consider your finances appropriately?

Not sure if you've picked up the theme here however what we're looking to say is that while Robo's may be the way of the future for the time being we still value connection in the form of human relationships. This is why the art of communication, written about here is still vital in most forms of modern employment.

What are your thoughts on automated financial advice?

How would you feel about having a computer help decide your financial & investing decisions?

Which financial issues would you like to know more about?

We'd love for you like, comment, share and let us know how we can help you! Remember to live your Money Glee!