Would you prefer financial advice from a human or a robot? New research suggests that Millennials prefer to discuss their financial planning face to face with a human being. It’s all to do with creating a relationship that transcends finance even though a human financial adviser may charge higher fees.
So why are human financial advisers better than robot advisers? And why, if you were looking for an independent financial advisor Marlborough rugby club gives their backing to, would you choose a human being, not a robot? The reasons, it seems, are complex.
Emotions
Algorithms are no match for human emotions and intuition, or an advisor who’s capable of dealing with them. Making a wise investment after a significant financial event can be difficult when emotions run high. Who better to advise you than a human being who can empathise and give you sound advice you can understand rather than a robo-adviser who will focus only on the investment opportunities?
Flexibility
A human adviser is ready to respond to any life changing events that come your way whether that’s a financial windfall or a lost job. They’re flexible enough to give you the advice you need for your changing life situations and to change and adapt advice to your unique needs. By contrast, an algorithm led robo-adviser doesn’t offer that flexibility, and may not give you the best advice.
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Commitment
An adviser who’s committed to helping you achieve results is worth their weight in gold. They also win out against robo-advisers who can set reminders and goals and create tasks but don’t have the sheer commitment that helps you commit to and achieve your goals. When you seek independent financial advice through Chilvester or another human financial adviser, you’re putting your future first.
Tailored service
Ultimately, whether you prefer a human or robo-adviser may be down to whether you’re happy to accept a one size fits all service or you’re happier with an adviser who can tailor their service to your unique needs. An automated service may be both more cost effective and more streamlined, but there are limitations to accepting financial advice that doesn’t take into account your particular circumstances.
Technology in the financial sector isn’t going anywhere. But whether you prefer a human or robo-adviser may ultimately depend on just how human you are.
