How Technology is Changing our Financial Behaviors
I was recently asked to be a guest on Breaking Banks with radio host Brett King to discuss if financial advisors will be replaced by the crowd and how technology changes the way Gen-Y's planning and saving strategies! Other guests included Lou Carlozo from Reuters Money and Mary Beth Storjohann of Workable Wealth. Here is an overview of the show:
Financial Advisers emerged in the US in the 1970s, but hit their stride in the 1980s with new professional designations, associations and regulation emerging to create an industry that is just over 300,000 persons strong. The US alone manages more than $13 Trillion in Assets under Management (AuM) in Mutual Funds, and the US Stock Market has close to $20 Trillion in Aum. But investor behavior is changing. The number of financial advisers in the US shrank by almost 2% last year, as more an more people use technology, investment tools and platforms and seek advice from less traditional sources. And then we have Gen-Y… This group looks for advice on investments, on savings and on financial products in a very different way. Blogs, collaboration tools, even YouTube videos increasingly are part of their reference point before making an investment decision. In this week’s show we talk to three experts in the personal financial advice and personal financial management space who are actively involved with the 20-30 year old investor, and have seen significant shifts in the way they plan, save and invest.
To listen to the show, check it out here!