Why Financial Advisors Are Still Relevant in The Age of Tech?
In recent times the growing demand for financial planning Robo-advisors, experts felt the decreasing popularity of financial advisors. Obviously, both carry their advantages and disadvantages. Financial advisors are relevant for investors who want clear information about their investments. On the other hand, Robo-advisors are suitable for people with limited funds.
Ed Rempel review is an example of a financial advisor that has helped many people become financially secure. How? It’s because of his interpersonal skills. Ed Rempel Brampton-Toronto-based Certified Financial Planner knows his clients, referral partners, and prospects that help him understand them better and serve them better.
There are numerous reasons that state the relevance of financial advisors; some of them are:-
Many investors want one to one session with their advisor, which is not possible in the case of Robo-advisors. Only an inhuman financial advisor can give you this privilege. This builds trust and gives an investor the confidence that his/her is in safe hands. Robo-advisors give the digital client interface or experience.
Financial advisors can understand your specific goals and accordingly invest and manage your fund. On the other hand, Robo-advisors manage many people’s funds simultaneously; thus, there is no consideration of uniqueness. Funds are managed in a general way or can say fit for all solutions.
Financial advisors take due considerations of your short term and long term requirements viz liquidity requirement and understand your goal clearly and help you to achieve it.
Financial advisors track the market every sec. They know the latest information about the stocks and other investments that may not be available to the general public. Thus, they make you aware of new investments and opportunities. They can easily take your permission if it’s not allowed in your investment policy statement.
Financial advisors become more important when you are just a beginner in the investment field. They give you a clear vision of everything. They first know your risk and return profile, and accordingly, they let you know which stock, bond, or area of investment is optimal for you. They make you aware of the different finance terms and instruments. They make it very easy for you to begin with, which is not at all possible in Robo-advisors.
Financial advisors manage your fund closely and minutely, and they will cover any market move, which is harmful to you. They take care of each move and turn in the market. They make sure that your capital is preserved, and the optimal return is available to you.
Financial advisors are far better than the recent one for all solution Robo-advisor. But someone who has a minimal fund, to begin with, then they must prefer Robo-advisor as it will be less expensive than a financial advisor. Traditional financial advisors are a bit costly than the recent Robo-advisors, but they also provide additional benefits for it.