Technology is shaking up the financial advice sector because there are just too many options available right now and more are being launched. It is even surprising to know that there is a financial advice website that people can go to when they need help which eliminates the need to contact an advisor in the flesh. The change might be for good but it could be too much for some.
The big question now is whether the role of a financial advisor remains the same considering that there is now technology that can be accessed in every turn such as in buying and selling investment.
According to Toronto-based Coleman Wealth, Raymond James Ltd’s portfolio manager as well as senior vice president, Darren Coleman, the tools are definitely not the same as before. He added that the benefits will be for both parties – the financial advisor and the clients but there is nothing escaping the fact that some things can be confusing too. With the amount of technological tools available, it is like choosing one from 5,000 different flavours of ice cream.
Aside from the technology, the expectations of the investors have also changed with regards to how they are going to interact with their financial advisors. Creating and managing a portfolio is not as challenging as before with the help of smartphone devices and these very same devices are also the right hand of the advisors in order to know balancing, the forecasts of the technical aspects and the fund research.
The average population is also living longer than before therefore management of the financial aspect is taken in long-term. Mr. Coleman said that people are no longer confined to planning until they are 65 years old but rather they have to think about managing their money so they will be able to fund their lifestyle until they reach 95 years old.
There is also the dilemma of the increasing number of younger generation that prefers to use financial advice website rather than to search for an actual financial advisor they can consult and talk to.