Assistant to the Chairman & CEO
“The problem with quotes on the Internet is that it is difficult to verify their authenticity.”
Abraham Lincoln (1809-1865)
The Internet as we know it today has become a life-altering resource. Information is at our fingertips and with each passing generation it becomes more and more difficult to recall how we as a population lived without such a tremendous convenience. Of course the downside is the fact that not everything within the Internet is true. Social networking sites like Facebook and Twitter, as well as the ability for anyone to create a blog, allows people to add information to the World Wide Web – regardless of accuracy. In fact, for some Internet abusers it has even become a game of who can fool the audience with the most misinformation about celebrities, and rumors of false or misleading catastrophes.
In the financial world, things like online banking are becoming more and more popular. You can transfer funds from checking accounts to savings accounts, and even pay bills right from the convenience of your Smartphone. With the addition of “Robo Advisors,” which are defined as inexpensive, algorithm-based, technology platforms, the question is quickly becoming whether or not financial advisors will eventually become obsolete?
According to most industry experts the answer is a resounding, “No.” Consider the fact that information on healthcare and the legal system is also available at our fingertips. While searching through the Web to find out if you’ve come into contact with poison ivy is something we can probably all admit to, you’re not going to perform surgery on yourself or a loved one simply by watching a YouTube tutorial. You’re also not going to act as your own divorce lawyer after reading a few Wikipedia articles on the legal system. In the same token, you probably shouldn’t trust the Internet with something as valuable as your financial future.
There are many reasons for hiring a financial advisor, but the three most prominent include:
1. Professional experience and wisdom. No matter how unique you think your situation might be, an experienced financial advisor has probably encountered it before. By using their specific skill set and knowledge of the industry, advisors can help you weigh all options and choose the path that makes the most sense for your current position.
2. Making the complex simple. Financial jargon can be difficult to understand and even more difficult to implement on your own. It’s important to hire an advisor that can make this complex language simple, and can explain your options in a straightforward way. A doctor will not explain every minute detail of a surgery they’re about to perform. However they will prepare you for the operation and explain what the procedure will entail, as well as the outcome you should expect. A financial advisor might not explain the intricacies of the market and the details of every single product available, but they will explain what options make the most sense and help prepare you for the future.
3. Building a bond. Most importantly a financial advisor gets to know you as a person instead of a number. In order to build a financial plan that is tailored to you and your family, a qualified advisor will want to hear about your goals, ideas, where you came from, and where you are currently.
Many don’t realize that with the assistance of a financial professional they can obtain confidence, cultivate an authentic relationship, and transform anxiety into strategy, progress and success. An advisor not only helps to plan for the future, but provides leadership in times of market or personal turmoil. These traits are exclusive to humans and are not something a technology platform can replicate.
In the professional world the relationships we build with one another are unique and cannot be paralleled by technology. It might not be at our fingertips, but receiving financial information first-hand from a reliable and well-educated source will always trump a cursory Google search.
If you would like to discuss your financial future with a Senior Wealth Advisor at R.W. Rogé & Company, Inc., please call 631-218-0077 or visit our Web site at www.rwroge.com.