Robots & Humans
“It’s easy to buy a cookbook but really hard to find a chef book”
by Seth Godin
Linchpin
Linchpin by Seth Godin is one of my all time favorite motivational books. I reread it every couple of years to get my engines going.
It’s all about becoming an indispensable employee and person.
The above quote made my eyes pop, even-though I have read it multiple times.
“it’s easy to buy a cookbook but really hard to find a chef book”
This year and for upcoming years this hits home more than ever for me.
In the financial planning industry there has been an explosion in financial technology “fintech” as its been dubbed.
I believe this technology will ultimately be used to grow planning firms by automating certain tasks but will never truly be able to replace the Great Financial Planners, the “Chef’s” of the industry.
Examples of “Fintech”
Personal Financial Planning Portals have been created for you to view all your accounts in 1 place. Mint.com (not endorsed by IFS securities)
Robo Advisors have been launched to allow computers to “manage” your investments betterment.com(not endorsed by IFS securities)
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There is mass marketing going on to convince consumers that the “machines” can handle all of your financial planning.
While I do agree that in a simple situation some of these programs are all you might need, but in my 10+ years in business I have learned many times over that personal financial planning is more personal than anything else.
Meaning you can put all the numbers in the programs and watch it shoot out charts and graphs to the cows come home, but you need someone to connect it to your life.
To talk you through what the numbers mean, what all your options are, and how to best build your financial future.
Ultimately these will be tools for the Great Financial Planners, not their replacements.
As always, you can consult with me to discuss your personal financial situation.
Look for future posts on the best ways to build a proper portfolio and check out my recent post on 3 ways how to reduce the amount you have to save for retirement.
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Thanks for stopping by and I hope you achieve financial success!
