The Wall Street Journal released an article this week with a focus on a select group of wealthy millennials opting to rely on “do-it-yourself” investment platforms rather than utilizing the services of traditional financial advisors.
Of course, the article stirred debate amongst advisors and sparked conversation at Associated.
It is true – trading platforms and “robo-advisors” will continue to emerge within the financial services space – touting low-cost investment options and ability to access high-risk assets… But the power of planning and navigating through complex financial situations with a team of humans (that you can trust) is invaluable. When advisors and firms have the ability to add layers to the planning with robust technology for their clients, the upside of working with an advisor is even stronger.
Associated President weighed in with his comments…. “We are wealth managers providing a service in coordination with CPA’s and attorneys dealing with the challenges of life cycle events. We are not for everybody. But to those we service, we are making difference for generations.”
What are your thoughts on the debate? We hope to hear from the “do-it-yourselfers” too! How do you approach challenging financial decisions? How have you navigated tough markets? How do you strategize for the future?