9: Insulating Your Value From the Commoditization of Investments and Financial Planning
Play • 26 min

Technology is a familiar foe to the profession of financial advice.

With Charles Schwab and Bank of America both recently announcing their plans to offer free financial planning software to the masses, the industry continues to inch closer and closer to the commoditization of our technical expertise.

The reality is that constructing a financial plan and building a portfolio will soon be available at a lower cost, in less time, and with less mistakes than working with a financial advisor.

This brings up some familiar questions:

  • What does this mean for the role of a financial advisor in the future?
  • Should I expect fees to compress and prices to drop?
  • How do I add enough value to justify higher fees?

Most importantly: "What can I do to forever insulate my value from the continued threat of technology?"

In this solo episode, Brendan tells a story from the chess industry and the lessons we can learn to:

1) Forever insulate our value from further technological disruption

2) Embrace technology to raise advice to a level we've never seen before

To join a community of like-minded advisors and planners around the world looking for top-notch insights and information on how to leverage behavior, psychology, communication, and emotion to master the human side of money, visit Wired Planning.

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