Will you need a financial advisor in the next 10 years? Future of personal finance…

You see the regular commercials for Charles Schwab and other Financial Advisory firms. Just looking at their ads, you’d think they would just be for old folks. Also, most millennials don’t have a lot of money put away, so the advisory has nothing to manage.

On top of that, advisors can get expensive, and their costs can be difficult to understand. As consumers get smarter, they aren’t going to take small-print, accepted-as-is-cost financial advice, and thus technology could play a more prominent role in this area.

I’ve highlighted some of the best apps to be a “butler” to you. Fin-tech is a less intrusive option and more trusted than the big wigs at the wealth management firms.

Brandon Burton, in his Linkedin post, touches on some of these “qualms” us millennials have with advisors:

Consumers are tired of paying for financial advice, then having to also pay to get the service or product that is being recommended, especially when individual financial companies tend to have an inherent interest in soliciting their own company’s brand or product, even though it may not always be the best fit for each customer’s needs. Research has also show that consumer confidence in financial advisors has declined due to the financial crisis, as well as the news stories of fraud and white-collar crimes with the companies we’re supposed to trust.

With the scandals out of the big banks and the conflict of interest, the future for us may be all automated help with financial advising. We don’t like being “sold” a bag of goods, we’d rather make the selections ourselves.

As the average person doesn’t fully understand investments, Today, you have to go in and talk with a banker or advisor (this is obviously in place of simply ‘playing the market’ yourself in your basement). Tomorrow, a virtual butler will track your habits and study the market for when you should invest.

No more conflicts, no more headaches or sleazy salesmen!

Will Technology Rule the Future of Personal Finance — Linkedin from Brandon Burton