There was a lot of hype at the beginning of the year about how AI would reshape the financial industry. Well, we found out quickly that AI and financial planning don’t mix. Reason being, people don’t trust “robo-advisors”. There are certain things that AI is good for; responses to emails, creating a spreadsheet listing weekend chores for the kids, or editing strangers out of the background in a photo. It’s a neat technology that can be fun and convenient to use at certain times. Yet you shouldn’t rely on AI for the important things.

With robo-advisor technology there is very little personalization allowed.  You onboard by filling out a form listing your age, timeline for retirement, and goals. That’s about it. Then AI would generate an investment plan. Not a comprehensive financial plan that involves tax strategy and estate planning, mind you. Just a cookie cutter investment plan based on someone your age with similar goals. The technology was designed to throw out a wide net to help more people, and it’s been known to make bad  

AI and financial planning don’t mix because there is zero human contact involved. Some may think that sounds ideal, but if you’re the type who gets annoyed by the sound of the automated voice assistant that answers when you call your cable company, then robo-advisors are not for you.  

At Alloy Wealth, we prioritize building relationships because we can’t help a client realize their financial goals if we don’t know who they are. Contact us and your fiduciary will spend time with you before customizing a plan tailored to your current lifestyle and retirement goals. Call 800-689-3935 to schedule an appointment and you won’t just gain a financial advisor, but a trusted partner in your financial future.