Our world is becoming more and more automated. With advances in technology and the rise of AI, the robo-advisor trend is popular with those who have simple financial situations or just want the robots to think for them. While there’s nothing wrong with utilizing this resource, what happens when you need advice on a complex situation or an economic change you haven’t seen before?
That’s when working with a trusted financial advisor is beneficial. If you’re tired of robots or if you simply value the human touch, here are some benefits of partnering with a reliable financial advisor.
Expertise
Robo-advisors are helpful when you’re just starting your financial journey and have smaller balances to manage. Since there are often fewer fees with a robo-advisor, it’s a good fit for beginners. However, if you’ve been letting your robo-advisor run the show for a few years while your finances have grown and become more complex, it might be time to upgrade to a human financial advisor.
These are certified professionals with years of expertise in a wide variety of financial situations. Financial advisors are trained to help clients manage their finances and pursue their money goals. They stay up to date on the latest financial news and trends, which can help you receive the most current and relevant advice. No matter what’s happening in the markets or your accounts, your financial advisor is equipped to develop the plan you need to pursue your financial goals with confidence.
Personalized Advice
The help of a robo-advisor is limited to its algorithm or the lines of code it uses to make decisions, and it only makes decisions with the basic information you provide. Data such as your risk tolerance, investment amount, and time horizon are used to calculate the best investments for you. Again, great for beginners.
When life gets more complex, you need financial advice that’s customized to your specific situation. A financial advisor takes a holistic approach to managing your money by reviewing your situation more broadly and in greater detail. They get to know you, not just the numbers. They help you identify areas of improvement and find ways to solve your most important financial issues.
A financial advisor is there to help you lay out a plan for your financial goals too. A human advisor might help you strategize how you can retire early, how to expand your small business, or how to avoid mistakes that can affect your cash flow in your later years.
Emotional Support
Finances are usually seen as a more logical topic, but emotions are deeply connected to your financial situation in ways you might not have considered. During times of economic uncertainty, you might feel scared, stressed, or concerned. When things are going extremely well, you might feel overjoyed, carefree, or impulsive. These emotions affect your ability to make wise financial and investment decisions.
A trustworthy human financial advisor guides you through those decisions with greater clarity. Instead of letting your emotions run the show, advisors look at your situation objectively to help you make an informed decision even in challenging moments.
Accountability
If you’ve had trouble sticking to your financial plan before, a financial advisor could provide the accountability you need. Financial advisors and planners can monitor your progress toward your financial goals.
They’ll help you keep those end goals in mind when you consider the other financial decisions you want to make. If your goal is to buy a home, your financial advisor might remind you of that when you want to purchase a new Rolex.
Work With a Human Financial Advisor
While there’s a lot a robo-advisor can do with simple financial situations, there’s nothing like the personalized touch of a human financial advisor. These experienced and skilled professionals develop customized plans that fit your unique goals and financial situation. So, if you’re ready to partner with a financial professional who looks beyond the numbers, we at Tranquility Path Investment Advisors are here for you. Schedule an introductory meeting online or contact me at (732) 856-4324 to get started today.
About Oscar
Oscar Casas is the chief executive officer at Tranquility Path Investment Advisors, an independent Registered Investment Advisor firm dedicated to putting their clients first, always. Oscar has over a decade of experience helping clients plan for a confident retirement. He is known for being an empathetic and compassionate listener and for prioritizing his clients’ needs and goals above all else. He acts as a coach, advising his pre-retiree and retiree clients through all the ups and downs of their financial journey. He loves that he has the opportunity to make a difference in people’s lives and take some of the stress off their shoulders.
Oscar has a bachelor’s degree in finance, a master’s degree in personal financial planning, and is a CERTIFIED FINANCIAL PLANNER™, Chartered Retirement Planning Counselor℠, Master Planner Advanced StudiesSM, and Accredited Behavioral Finance Professional℠ professional. When he’s not working, you can find him enjoying the outdoors with his three children. He is an avid tennis player who also loves golf, the beach, snowboarding, traveling, and volunteering with the Scouts.
