Critical Thinking Required

Best Friend Or The Terminator? - Our Take On Robo/AI Advisors

February 24, 2023 LBW Wealth Management Season 3 Episode 7
Critical Thinking Required
Best Friend Or The Terminator? - Our Take On Robo/AI Advisors
Show Notes

Some people say that with today's technology, there's no need to have a financial advisor anymore.  Robo/AI advisor has its uses: it's relatively cheaper, it can work 24/7 without any vacation, and the algorithms make objective investment decisions without bias.  But does this mean we no longer need a human touch in financial decisions?  Absolutely not!  We are the information generation, and there's certainly no lack of data or information.  But then what?  How do I interpret the data?  How do I apply the solution to myself?  How do I put all the different pieces together and compile the complete financial picture of my household?  And most importantly, how do I FEEL about my money and my life?  Robo/AI advisors can't tell you these answers.  The algorithms can calculate data and present you with possibilities, but it's still up to a human who is capable of empathy to interpret the data and advise.