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With the rapid growth of AI, machine learning, and natural language processing, a new breed of robo-advisors is surfacing. The latest advancements are proving to be disruptive from basic portfolio management to private banking.
Better still is that paired with the modern robo-advisor, investment services that were only available to the ultra-wealthy are now available to the mass affluent. However, algorithms are not achieving this alone; there is still a critical role for the human financial advisor, but it’s changing.
The primary role is investment alignment which refers to the integration of investing services such as tax and estate planning, retirement planning and financial planning. For investment alignment to occur, financial advisors, accountants, operators, attorneys and other professionals must be ready to work in unison.
Family offices have in the past been the only ones offering integrated investing services, but with the growth of cognitive computing, the need for combined investing services is rising. Investment alignment not only minimizes costs but also maximizes opportunities that would have otherwise been missed or underutilized in misaligned investing.
According to Brent Ross, the founder of Ross Hughes and Associates CPAs, there are a number of reasons why individual financial advisors shy away from working with other parties …
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