How will this affect you, and what does it mean for you? Do you value relationships, and the trusted advice of your planner?
Read on, consider the content of this blog, and decide for yourself, what action should you take, if any at all?
My generation was taught to appreciate the values of hard work, family, friends, and personal relationships. In the 70’s it was groundbreaking to have a party line if you know what that is, and you were from a rural setting, then you likely are a baby boomer or retiree.
For those who don’t know, the phone would have a distinctive ring pattern, say one long, one short, you pick it up, and then the neighbors pick up and listen in. Those days we relied on newsprint, manual applications, and having to drive to your bank for advice.
Fast forward to where we are today, the world has changed and continues to evolve. Artificial intelligence has increased our knowledge, made better use of our time, safer in some ways, while the opposite could be said to be true in some aspects.
While we embrace digitization and the electronic age, it gives me great pause as to the damage this can also do to your relationships, family units, and social skills. All one needs to do is look no further than your dinner table,Texting, checking emails, and a lack of personal engagement.
Studies have shown that human relationships are being largely automated within the Canadian landscape under the guise of better service, quicker, and lower fees. Have you ever heard the saying? “You Get What You Pay For”?
Sadly, value-based relationships are becoming a thing of the past. How does this affect you? The answer will vary based on whether you are a teenager, young adult, millennial, baby boomer, or a retiree?
Yes, I sound the alarm bells, we as Canadians have a perfect storm on the horizon. Rising debt levels, Instant Gratifications as opposed to Delayed Gratification, lack of financial literacy, increasing retiree population, retiring financial advisors, implementation of artificial intelligence, designed to replace the trusted advisor role.
Studies have proven and confirm that wealth management and well being of Canadians are greatly enhanced when working with a trusted advisor.
If the client is younger, they tend to be not as discerning, as a person with more life experience under their belt. Automation, Online Banking, Robo Platforms, is the way to go. Teens and young adults tend to be influenced by glitzy ads and social media.
Millennials are increasingly flocking to do it yourself platforms which utilize Robo Platforms based on a series of calculations, and algorithms, designed to mimic stock exchanges such as TSX, S&P 500, and so on.
Business Insider has an article on how missing ten key tradings days over decades can derail your economic future.
Click on this link or copy and paste it into your web browser. https://www.businessinsider.com/cost-of-missing-10-best-days-in-sp-500-2014-3
At Peters Wealth Management, our biggest fear is for the older generation. Here is why? Retirees, the 55 plus crowd, are those who will be most devasted by what is to come. It is our experience that typically one spouse or the other handled the banking. When their loved one passes on, where do they turn? Either they manage as best as they can, or build a new relationship with an advisor at their institution of choice.
It is all too often that the elderly and baby boomer generation may have lost a spouse, maybe in failing health, or in many cases are financially illiterate. When we lose a spouse as I have, we often are lonely, and look for a friendly face. The element of trust is quite often freely given by this group of Canadians. We all know someone who has fallen prey to cybercrime, Scams, Fake Investment opportunities.
Financial Planners and advisors are set to retire in growing numbers, as artificial intelligence and digitized banking become a way of life.
When a client loses their spouse, usually the surviving spouse has to build a new relationship with an advisor, or in some cases, turn to their children for guidance and direction.
How have times changed? In many cases, if their children are married, then they both likely work outside the home, and have children of their own, with no time to spare. Where does this leave you?
If this blog resonates with those who value relationships, we would like to hear from you. You can contact us at www.financialcare1.com or use the links provided on our home page.