Wealth management is a lucrative sector. Professional advisors offer retirement planning services, tax savings advice, estate planning, and more. For a high net worth individual, wealth management is a valuable service. And if you have oodles of cash to spend, there are some wealth management companies that advise individuals on the most philanthropic ways to spend their money.
When you have a reasonable net worth, it makes sense to take advantage of a service like Berger Financial Group financial planning. Professional advisors can help you maximise your investments and ensure your money works a bit harder. With a solid financial plan in place, you can look forward to seeing your net worth grow as time passes. Products are tailor-made and designed to meet your financial goals.
The Rise of Robo-Advisors
You know it makes sense, but increasingly, the world of fintech is causing ripples in the wealth management pond, with robo-advisors and automated investment platforms encroaching on the role of an old-school financial advisor.
Robo-advisors and automated investment platforms make it easier for people to manage their own investment portfolios and make financial planning decisions. You can manage your 401k, move money from one asset to another, and even buy cryptocurrencies if you’re feeling brave. There is no need to make an appointment with a financial advisor and send a large commission their way.
There are now a host of financial planning AI tools in the marketplace. Morgan Stanley Wealth Management customers use AI to boost their human advisor team. Fintech artificial intelligence is taking over the role of data mining, using algorithms to monitor the markets and predict how investments can make their clients wealthier.
Machine learning can suggest which investments to try and which ones to avoid. Tell a robo-advisor your investment plans and it can advise you whether the investment is good or bad. They use third-party data and powerful machine learning to formulate intelligent automated answers.
In other areas, natural-language technology is making waves. AI tools can answer investment questions. Ask your AI if you need to sell some stock or move your pension pot and it can give you an immediate response. This is preferable to making an appointment with a financial advisor, who might not be able to see you for a week.
The Advantages of Fintech
The great thing about fintech and financial planning is that AI and robo-advisors can reach more people and free up experienced financial advisors to deal with more complex problems. Clients with straightforward questions can reach out to an automated advisor or use an investment platform to track their products. And if they do need to speak to a human advisor, that person will have more time for them.
There will always be a place for human financial advisors. Most of the time, people prefer to talk to people. We like the human touch. Even though a robo-advisor can offer good advice, anyone with highly complex personal finances is better off talking to a human financial advisor.