Insights

X
Posted on March 12, 2019

Don’t Confuse Tools And Technology With Talent

Blog

Published by Daniel Morrison, Wealth Advisor

Just Google it.

There’s tons of information on the Internet these days. If you want to learn something, Google can give you an answer in seconds. It’s the world’s most comprehensive library—on steroids.  

In fact, many people are starting to rely on Google and other technology to solve their problems instead of hiring professional help. This is great if you want to learn to cook, play the piano, or fix your car without paying an expert. But sometimes it gives us a false sense of security.

Take investing for example. There are endless articles, calculators, money management applications, and even robo-advisors that can help you create a “DIY investment plan.” But when it comes to your financial security, is cutting out the need for a human advisor really a smart idea?

I don’t think so. In fact, I think it’s a huge mistake. Here’s why.

Cookie-Cutter Investing Is Ineffective

Sure, an online financial planning calculator can spit out an estimate of how much you’ll need to retire. Robo-advisors can generate cookie-cutter portfolios based on the parameters you define. Online articles can give you virtually limitless tips for investing. But those things are only half the battle.

Calculators, articles, and robo-advisors won’t be able to discuss what you want your life to look like. They won’t be able to listen to your dreams and give personalized recommendations based on those dreams. They won’t be able to process your unique situation and goals and build a financial plan around it. Only a human can do that.

Investing Is Emotional

Whether we like to admit it or not, making decisions about money is an emotional process. And guess what? Technology isn’t going to sit with you and listen to your struggles and desires. It isn’t going to help you work through your emotions. It can’t give you reassurance. It can’t take you from a place of insecurity and anxiety to a place of stability and confidence so you can make the right choices. Again, only a human can do that.

Mistaking A Tool For An Absolute Guide Is Dangerous

There’s no doubt that technology makes life easier. It makes challenging DIY projects possible, it automates time-consuming processes, and it gives us information at our fingertips. That said, technology has its place. When it comes to your financial goals and security, technology as a tool cannot replace a trained mind with years of unique and valuable experience. Personalized advice will beat a cookie-cutter approach every day.

With that in mind, if you’re interested in creating a custom financial plan to achieve your goals, we at Jacob William Advisory would love to help. Contact our office by calling 410-821-6724 or emailing info@jacobwilliam.com. You can also take our Risk Tolerance Questionnaire at https://client.jacobwilliam.com/survey/.

About Dan

Daniel Morrison is the co-founder and Managing Partner of Jacob William Advisory, a wealth management firm whose sole mission is to service their clients’ needs beyond their expectations. Dan Morrison has 27 years of industry experience, and for the past decade, he has been committed to building Jacob William Advisory into one of the foremost wealth advisory firms. Dan graduated from the Towson University with a bachelor’s degree of finance in economics and obtained his master’s degree in finance from the University of Baltimore. He is a CERTIFIED FINANCIAL PLANNER™ professional and holds the designations of Chartered Financial Consultant® (ChFC), Chartered Life Underwriter (CLU), and Chartered Advisor for Senior Living (CASL). He and his wife Beth reside outside of Baltimore, Maryland, and have three wonderful children. Dan is involved in his church and is a board member for Believe Big, a charity whose mission is to help families navigate the cancer journey. He enjoys spending time with his family, playing golf, and sailing. A good book is also never far from his reach. Learn more about Dan by connecting with him on LinkedIn.