WP shone the spotlight Tuesday on the latest disruptor in financial services. The article highlights where the industry is headed; and it’s good news for consumers.
How so you might ask?
Well, in a guest post on LinkedIn from December, Tony Robbins and Elliot Weissbluth predicted that the democratization of financial services was going to be a big idea in 2015. Essentially, the duo reasoned that “… everyone
will have access to the unbiased advice and education they need to make confident, informed decisions about money and investing.”
Robo-advisors are a big part of this democratization. Say what you will about these pesky enterprises but they are utilizing technology to bring managed money to the masses. There’s nothing evil about helping people do more with their savings while also charging them less for doing so.
Now before advisors get all bent out of shape it’s important to point out that Robbins and Weissbluth also stated the following in the very same article: “Technology presents an enormous opportunity to materially improve investors’ relationships with their advisors, the markets and their investments.”
Weissbluth runs High Tower Advisors
, a financial services company dedicated to independent registered investment advisors serving high net worth and institutional investors. It’s not an oxymoron for Weissbluth to support the democratization of financial services through the introduction of disruptive products, services, phone apps, etc., while also operating one of the largest advisor-owned wealth managers in the United States.
The duo, who many might find to be an odd couple, are dedicated to the idea that financial advisors absolutely have a fiduciary duty to their clients. By championing the democratization of financial services, whether we’re talking about robo-advisors providing low-cost, professionally managed ETF portfolios, or by retaining independent financial advice from individuals not beholden to any one specific organization, the consumer should be miles ahead in the long run.
When you put the interests of clients first it’s hard to argue with their rationale. In 2015, advisors might want to get behind the democratization of financial services. There’s likely no bigger idea.