This article on Producers Web by Bob Clark discusses his predictions for the coming year based on the growth of automated online advisory platforms (robo-advisers) int he industry.
Clark writes”While some “robos” still augment their revenues by referring users who want financial planning or other personalized financial advice to brokers, a growing number of them are discovering the greater profit potential of adding automated financial planning to their service menus.
I think most of us an agree that, so far anyway, “automated” financial planning platforms fall far short of the personalized services offered by today’s human financial planners. Yet as Amazon and the Internet itself have done to retail merchants, robo financial planners will change the conversation, and force human planners to articulate their value proposition beyond simply “having a financial plan,” which has resonated with clients — until now.”
Clark outlines The Purpose Based Financial Planning approach is centered around these five steps for client engagements:
- Exploring
- Engaging
- Envisioning
- Enlightening
- Empowering