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Why Your Financial Planner May be Replaced

 By a Computer [FIN-TECH]

[By Rick Kahkler CFP®]

If Ken Fisher is right, in the future you will be talking to a computer about your asset allocation and loving every minute of it.

Fisher has built Fisher Asset Management into the largest fee-only investment advisory firm in the US, with over $100 billion under management. Speaking at the Investment News Innovation Summit in New York City on April 17, 2019, he said, “We need to get machines talking to people in a way that is more human than human.”

If you view “talking to machines” mostly in terms of using four-letter words when your computer locks up, you might be skeptical.

Fisher explained there are six personality profiles that fit almost every investor. “When you (or a machine) knows what they are, then you deal with them according to their profile.” In Ken’s thinking, machines will be able to spot the profile and then, using an algorithm free of human error, interact with the customer in a manner superior to a human advisor. He sees this happening within the next ten years.

I asked him, “What happens to the human advisors when machines talk to your customers better than a human?” Ken replied, “I don’t know the answer to that question,” suggesting that people will need to gain new skills and move on to the next thing. “You can’t keep doing the same thing you were before or you will be out of luck.”

As shocking as this idea is to investment advisors, it’s not at all far-fetched. In an “Axios AM Deep Dive” article on April 6, 2019, Mike Allen quoted Axios Future Editor Steve LeVine as saying that Millennials (those born between 1981 and 1996) will be the first generation to fully face the new age of automation, which could wipe out jobs faster than the economy creates new ones.

Like most before them, many Millennials have taken entry level, minimum wage jobs. Allen suggests that, unlike prior generations, they may not find much of a ladder up from there. Part of that is because of the aftermath of the great recession and part is because technology and globalization have reduced middle-wage jobs.

The median income of younger Millennials is $21,000, according to the AXIOS article. Contrast that to the median wage of $84,000 for statisticians and financial analysts, both of which have high concentrations of older Millennials.

It’s those $84,000 a year jobs that Fisher thinks will be done better by machines. If this happens, it will disrupt the financial services industry in spectacular fashion.

Danielle Fava of TD Ameritrade didn’t agree that human investment advisors will become obsolete in ten years. She does see voice digital assistants making email obsolete. She also believes that artificial intelligence will “enhance the conversations advisors are having with their clients,” rather than replace the human advisor.

***

robo

***

While staring my professional demise in the face in ten years, I drew solace from knowing I am nearing the end of my career. Another fact that should comfort some financial professionals is the difference between investment advisors and analysts (like those who work for Ken Fisher) and financial planners. Investment advising is relatively easy; that’s why a machine may be able to do it all in ten years. Also, investment advice comprises only a small fraction of what financial planners do. It will take a really, really smart machine to integrate all the complex aspects of someone’s financial picture into a sensible plan.

Assessment

So maybe ten years from now a machine will flawlessly figure out your asset allocation. But it may be another ten years before your financial planner is a machine, and maybe another 50 before a machine can do financial therapy.

Conclusion

Your thoughts are appreciated.

***

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

***

The Computers are now Ruling Wall Street

The computers are now ruling Wall Street

By MIT Technology Review

***

 ***

Over the past five years, human hedge fund managers have averaged 4.3 percent returns.

Funds that rely on algorithms to pick stocks, on the other hand—so-called quant-focused funds—have brought in 5.1 percent

Assessment: So, what gives?

More: The Massacre of Hedge Fund Business

Conclusion

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***

R.I.P. these Industry Sectors?

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Can You Think of any Others?

[By Staff Reporters]

***

RIP Tech

***

More:

Conclusion

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Product DetailsProduct Details

***

The Road to Crowd-Centric Retail Alternatives and the Future of Financial Products

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Including an Evolutionary Info-graphic

dara-pic

By Dara Albright

In simpler times, American workers relied on pensions to secure their retirement. Those who desired a supplement to their pension income opted to save during their pre-retirement years. Like television stations, investment options were primarily limited to three main providers. Instead of being bogged down with choices, savers essentially had their pick of placing money in interest bearing savings accounts, stocks or bonds. With the exception of occasionally having to get up from the sofa to change the television channel, life was pretty uncomplicated.

Then the 70s arrived – bringing a rash of polyester and laying the groundwork for sweeping changes throughout the financial system.

Ever since, our capital markets have been in a perpetual state of transformation fueled by innovations in brokerage services, advisory tools, investment products, retirement plans, financial technology and shifts in both the political as well as economic climate. The confluence of these evolutions – as depicted in the infographic below – continues to not only redefine retail investing, but America’s entire retirement framework.

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the-road-to-crowd-centric-alternatives1

[Check out this spectacular infographic depicting the evolution of financial services and where it’s all headed]

Click photo twice to enlarge

***

From salespeople into asset gatherers

During the past four and a half decades the brokerage business has moved online, slashed commissions and turned its commission-based securities salespeople into asset gatherers. As the number of brokerage firms steadily declined, online alternative asset marketplaces began to rise.

The IRA and 401(k) transformed America’s retirement structure as pension plans became less and less prevalent. These new retail retirement vehicles fed the mutual fund business, and in tandem both industries ballooned into multi trillion dollar markets.

Tools were developed that would enable financial advisors to navigate across a growing number of asset classes and help ensure the proper diversification of retail portfolios. These advisory resources also contributed to the proliferation of new asset classes and retirement accounts.

Legislative changes coupled with technological achievement led to the democratization of both financial products as well as market data. This “poli-tech” dynamic not only furthered the growth of conventional asset classes, it inspired a host of innovative online investing platforms, lending models, equity financing structures and the creation of new asset classes.

A groundswell of investment products

Over the years, a groundswell of investment products has been engineered for the mass market resulting in the flow of retail dollars across money markets, mutual funds and ETFs. Particularly during the recent years, as interest rates reached historic lows and equity markets became excessively volatile, there has been an upsurge of interest in uncorrelated alternative assets.

To meet the mounting demand, a wave of retail alternative products entered the market. According to McKinsey, retail alternatives will soon account for almost 50% of total retail revenues. Furthermore, Goldman Sachs believes that retail alternatives are in the early stages of a 5-10 year growth trend – reminiscent of early-stage ETF growth and capable of becoming a $2T AUM opportunity.

As financial advisors were becoming acquainted with a growing number of retail alternative products packaged through mutual funds and ETFs, a new niche of alternatives known as crowd-centric alternatives had been gaining popularity – particularly among institutional and internet savvy retail investors.

These crowd-centric alternatives – designed to bring non-correlated yield and pre-IPO equity growth to mainstream investors’ portfolios – are made up of public as well as private funds, managed accounts and online platforms that provide investors with access to peer-to-peer, peer-to-business and peer-to-real estate debt as well as JOBS Act inspired equity offerings.

While momentum continues to build for crowd-centric alternatives, an interesting phenomenon has been brewing in the retirement plan industry. Flaws in the current IRA and 401(k) structures as well as the social security system have legislators as well as economists scrambling to prevent a looming retirement crisis. Thus far, none of the publicly proposed solutions even begin to scratch the surface of the predicament. That is until now.

Fortunately, a soon-to-be-unveiled RE-defined contribution retirement plan will resolve inherent issues by 1) unleashing a new generation of plan sponsors more inclined to match contributions, 2) providing lower-wage earners with a more realistic and achievable savings plan, and by 3) bringing higher yielding institutional-grade alternatives to the masses. (A new white paper: “The RE-defined Contribution Plan: Powering Economic Growth While Preventing a National Retirement Crisis” will be released shortly)

Fascinatingly, the RE-defined contribution plan and crowd-centric alternative assets have the potential to power one another’s expansion in much the same way that the IRA, 401(k) and mutual fund industry fueled each other’s massive growth in prior decades.

***

conference room

***

Crowd-centric alternatives

While the existing statistics for retail alternatives are staggering, none of the forecasters have even accounted for crowd-centric alternatives. If history is any guide, crowd-centric alternatives are about to catapult the retail alternative industry to unforeseen heights – particularly given the following key factors:

  • The surfacing of a more proficient retirement vehicle that accommodates alternative investing;
  • The introduction of new tools designed to assist financial advisors in managing their client’s crowd-centric holdings;
  • A growing number of financial advisors and next-gen BDs emerging to help retail investors access crowd-centric alternative products;
  • The prolific growth of marketplace lending;
  • Traditional offline private debt businesses migrating online;
  • The influx of P2P, P2B, P2RE managed products;
  • The maturation of the infrastructure to support crowd-centric alternative investing;
  • Venture capital is pouring into fintech (projected to nearly triple in the next 3 years). This will enthuse innovation and lead to greater sophistication of products, platforms and infrastructure;
  • The implementation of additional key components of the JOBS Act will inspire the creation of new investment products for the masses as well as provide liquidity for private alternatives.

Assessment

Although I cannot promise that polyester and orange shag carpets won’t make a comeback, I can absolutely guarantee that financial services will continue to evolve through the progression of new ideas, products, tools and technology.

More:

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

Health professionals are small business owners who need to apply their self-discipline tactics in establishing and operating successful practices. Talented trainees are leaving the medical profession because they fail to balance the cost of attendance against a realistic business and financial plan. Principles like budgeting, saving, and living below one’s means, in order to make future investments for future growth, asset protection, and retirement possible are often lacking. This textbook guides the medical professional in his/her financial planning life journey from start to finish. It ranks a place in all medical school libraries and on each of our bookshelves.

Dr. Thomas M. DeLauro DPM [Professor and Chairman – Division of Medical Sciences, New York College of Podiatric Medicine]

Calculate the Odds that your Job will be Stolen by a ROBOT?

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What are your chances?

[By staff reporters]

In an increasingly digital world the workforce is becoming more automated than ever before. In this decade we’ve faced the challenge of interactive POS systems impacting the retail employment sector, but what industries are next?

Understanding the future of your job role can help you plan your career path more effectively, and decide if it’s time to change direction.

Using NPR’s handy calculator you can see just how safe your job is from the robots. To save you some time we’ve listed the top industries and their rankings

  • Sales: 99% chance of being automated
  • Accountants: 93.5% chance of being automated
  • Retail: 92.3% chance of being automated
  • Programmers: 48% chance of being automated
  • Housekeeping: 68.8% chance of being automated
  • Lawyer: 3.5% chance of being automated
  • Teaching: >1% chance of being automated

***

Feeling pretty confident? Congratulations!

SplitShire-

Source:

http://www.npr.org/sections/money/2015/05/21/408234543/will-your-job-be-done-by-a-machine

***

Assessment

Even if you are a doctor, nurse, accountant or financial advisor – use the calculator to check it out.

More:

Even More:

The Great and Powerful WOZ Speaks:

Steve Wozniak, Other Geniuses Debate Whether Robots Will Tend To Our Every Whim Or Murder Us

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Risk Management, Liability Insurance, and Asset Protection Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™8Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners™

I read and use this book, and several others, from Dr. David Edward Marcinko and his team of advisors.

JOHN KELLEY; DO

Crowd-Sourcing Financial Advice?

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By Dr. David E. Marcinko MBA

If you have some eggs about to expire, or a car that has problems, you can turn to an online community to find some solutions. But, what if you have a financial issue, like what to do with a windfall or how to invest for a kids’ college tuition, and need help?

Can you crowdsource financial advice? 

Ramon Ramirez writes on the Daily Dot’s The Kernel about the personal finance section of Reddit, where people ask for, and receive, all types of advice on personal financial matters; The subreddit has 2.7 million subscribers.

Ramirez finds that “for the armchair experts … weighing in on these questions pro bono is all in a day’s work. They are generally affable, seemingly trustworthy, and largely convincing.” But, one professor of personal finance sees a problem: “Six people suggest six different things to do—now what do I do?

Professor Speak

First of all, who are these people that are answering this plea? Are they professionals? Are they certified financial planners? Do they have any idea what they’re talking about?”

Others say the peer-review part of crowdsourced advice is its most valuable aspect.

“Compare this to a traditional financial advisor. If you’re in here asking about what to invest your retirement into, and I’m suggesting funds that personally enrich me, I’ll get called out on it.”

Left unsaid, but surely true, is how investors will increasingly turn to sites like this to validate their advisors’ advice, or learn why they should change advisors.

***

Soldiers

 ***

Assessment

First we had crowd sourced funding, then crowd sourced medicine … and now crowd sourced investing! Prudent, or NOT?

More:

Crowd-Funding:

Conclusion

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Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners(TM)

Enter the ROBO Financial & Medical Advisors

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Machines will Rule … Soonest?

[By Dr. David Edward Marcinko MBA CMP™]

DEM white  shirtMachines beat humans at chess. Machines can pilot airplanes to land at O’Hare; or on Mars. There is now a machine that beats the best of us at Jeopardy.

And, many predict that an Artificial Intelligent medical clinician is ten years away.

Just think tele-medicine and tele-health.

And, no one will use a biological doctor in twenty five years. Then, of course, enter the singularity*.

Innovation

I’m not sure who said it first, but this quote has been floating around Twitter lately:

“In 2015 Uber, the world’s largest taxi company owns no vehicles, Facebook the world’s most popular media owner creates no content, Alibaba, the most valuable retailer has no inventory, and Airbnb, the world’s largest accommodation provider owns no real estate.”

Assessment

Fundamental assumptions about what is needed to be a successful doctor, financial advisor, or other business has changed in just the last few years.

So – I ask MD and FA colleagues – will you keep up professionally, or fall behind? What are the ethical implications of these technology innovations; if any?

***

robot

[Vanguard’s “Robo Advisor” – Good for Clients but Bad for Advisors?] 

***

More:

Even More:

Note: From Wikipedia, the free encyclopedia.

The Singularity

The technological singularity is the hypothesis that accelerating progress in technologies will cause a runaway effect wherein artificial intelligence will exceed human intellectual capacity and control, thus radically changing civilization in an event called “the singularity”.[1] Because the capabilities of such an intelligence may be impossible for a human to comprehend, the technological singularity is an occurrence beyond which events may become unpredictable, unfavorable, or even unfathomable.[2]

The first use of the term “singularity” in this context was by mathematician John von Neumann. In 1958, regarding a summary of a conversation with von Neumann, Stanislaw Ulam described “ever accelerating progress of technology and changes in the mode of human life, which gives the appearance of approaching some essential singularity in the history of the race beyond which human affairs, as we know them, could not continue”.[3] The term was popularized by science fiction writer Vernor Vinge, who argues that artificial intelligence, human biological enhancement, or brain–computer interfaces could be possible causes of the singularity.[4] Futurist Ray Kurzweil cited von Neumann’s use of the term in a foreword to von Neumann’s classic The Computer and the Brain.

Proponents of the singularity typically postulate an “intelligence explosion”,[5][6] where superintelligences design successive generations of increasingly powerful minds, that might occur very quickly and might not stop until the agent’s cognitive abilities greatly surpass that of any human.

Kurzweil predicts the singularity to occur around 2045[7] whereas Vinge predicts some time before 2030.[8] At the 2012 Singularity Summit, Stuart Armstrong did a study of artificial general intelligence (AGI) predictions by experts and found a wide range of predicted dates, with a median value of 2040. Discussing the level of uncertainty in AGI estimates, Armstrong said in 2012, “It’s not fully formalized, but my current 80% estimate is something like five to 100 years.”[9]

***

eye

***

Conclusion

Your thoughts and comments on this ME-P are appreciated. Feel free to review our top-left column, and top-right sidebar materials, links, URLs and related websites, too. Then, subscribe to the ME-P. It is fast, free and secure.

Speaker: If you need a moderator or speaker for an upcoming event, Dr. David E. Marcinko; MBA – Publisher-in-Chief of the Medical Executive-Post – is available for seminar or speaking engagements. Contact: MarcinkoAdvisors@msn.com

OUR OTHER PRINT BOOKS AND RELATED INFORMATION SOURCES:

Comprehensive Financial Planning Strategies for Doctors and Advisors: Best Practices from Leading Consultants and Certified Medical Planners(TM) 

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