Back in the summer when the weather was not so bleak and chilly a good friend of mine asked me “Jamie, are you worried about these robo-advisors stealing your job?” My answer was immediately “absolutely not!” Let me elaborate:
If you are already a client with Wetherall Wealth Management, then you are already aware of all that we do for you, which just can’t be managed by a robot, so this post is mostly for those of you who have yet to experience the value of speaking with an actual human about your finances. I will break down in a moment exactly what you get for the fees you pay us in a concise list, but first this:
The most important thing that you get for the fees you pay us is a long term relationship with a knowledgeable person who cares about your success, and helps you to work towards your goals. Lee has worked with some of our clients for over 20 years, and has been with them through a lot of life changes. Some of these changes are planned for and very exciting, like sending your kids off to university, or finally being able to retire. However, some are more difficult or unexpected, like a divorce or the death of a loved-one. Having a live person to speak to in these times is a huge asset. As well as insight and advice, real live people can offer you empathy and support. We are here for our clients when they need advice. Far from just picking stocks, we develop wealth plans for our clients and work with them to remain on track to achieve their goals, even when the unexpected happens. Who wouldn’t want a thoughtful and sensitive guide through life’s difficult financial moments?
Peter and I are looking forward to long careers where we can develop meaningful relationships with our clients, similar to those that Lee and Jennifer have already developed. Our job is to help prepare our clients financially for what lies ahead. This is something a robot simply cannot do. With these do-it-yourself investment apps, you are a number, and your investment choices are either something you have picked yourself or are chosen for you based on some kind of algorithm. With a live advisor you get someone who is on your side rooting for your success and actively guarding against failures. We understand the emotional side of investing and can help you navigate your own impulses and customize your experience to suit your needs (for more on this see my last blog). Dominion Securities has a team of experts who spend their entire careers studying the best strategies available, and your advisor knows how to tailor those strategies to suit your particular situation and style. All of the research is done for you, so you can relax knowing your money is in good hands. Everything is personalized to you and your needs and there is someone you know at the other end of the phone when you need them. No robot can replace a truly human relationship. They won’t replace your best friend and they won’t replace your Wealth Planner.
Well, that was meant to be a short pre-amble, but as you can tell most likely tell, I am very passionate about this subject. So, back to what we offer our clients. As our offerings are extensive, I will use a list. I love lists! Here we go:
- Customized investment recommendations, and implementation (obviously!)
- Access to industry leading investment experts.
- Wealth planning that encompasses your entire financial situation and your goals.
- Wealth projections that help you see if you are on track to meet those goals.
- Insurance strategies and reviews, so your families, and wealth are protected for the future.
- Retirement saving strategies and retirement income reviews, to ensure you will have income that lasts your lifetime.
- Estate planning and trust services.
- Support and advice through the executor process.
- Will reviews, to make sure that your will is doing what you would like it to do.
- Financial literacy and educational seminars: (existing clients keep an eye out for our up-coming 2019 Seminar Series!)
- Education savings strategies to help give your kids a great start in life.
- Asset allocation advice, reviews, and re-balancing.
- News-letters and updates on the economy.
- Complimentary account/wealth reviews for your family and close friends.
- Insight into world events that may affect your investments.
- Access to the specialists you need, when you need them.
- Co-ordination with your other sources of advice (accountants/lawyers etc.) to make certain your overall approach is working for you.
- Support navigating the emotional market cycle.
- A warm cup of tea or coffee and a sounding board for your ideas and goals at each in-person meeting.
- On-demand advice and support (we are only a phone call away!)
- (this one is a bonus) We will coo fondly over the most recent photos of your grandchildren, or sigh jealously over your next big adventure around the world.
There you have it. 20(+) services that we offer our clients. There are even more services that are of benefit to our clients, but I think I have made my point.
So the real question is: what does your robo-advisor do for you?