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9: Insulating Your Value From the Commoditization of Investments and Financial Planning

9: Insulating Your Value From the Commoditization of Investments and Financial Planning

FromThe Human Side of Money


9: Insulating Your Value From the Commoditization of Investments and Financial Planning

FromThe Human Side of Money

ratings:
Length:
26 minutes
Released:
Nov 3, 2020
Format:
Podcast episode

Description

Technology is a familiar foe to the profession of financial advice. With Charles Schwab and Bank of America both recently announcing their plans to offer free financial planning software to the masses, the industry continues to inch closer and closer to the commoditization of our technical expertise. The reality is that constructing a financial plan and building a portfolio will soon be available at a lower cost, in less time, and with less mistakes than working with a financial advisor. This brings up some familiar questions: What does this mean for the role of a financial advisor in the future? Should I expect fees to compress and prices to drop? How do I add enough value to justify higher fees? Most importantly: "What can I do to forever insulate my value from the continued threat of technology?" In this solo episode, Brendan tells a story from the chess industry and the lessons we can learn to: 1) Forever insulate our value from further technological disruption 2) Embrace technology to raise advice to a level we've never seen before To join a community of like-minded advisors and planners around the world looking for top-notch insights and information on how to leverage behavior, psychology, communication, and emotion to master the human side of money, visit Wired Planning. Follow Brendan: Twitter LinkedIn
Released:
Nov 3, 2020
Format:
Podcast episode

Titles in the series (100)

The Human Side of Money delivers actionable ideas and strategies to equip financial advisors with the skill set they need to master the human side of money. Whether you've been providing financial advice for 40 days or 40 years, it's evident that technology is shifting your value away from simply picking investments and providing financial plans. The future of advice will hinge on your ability to guide clients through the process, unearth their values and emotions around money, and ultimately, change their behavior for the better. Join your host, Brendan Frazier, as he interviews fellow financial advisors, industry consultants, and experts in the fields of behavioral finance, psychology and communication as they share everything you need to know to master the human side of money!