The MW Advisor Newsletter - July 2023

The Future is Here?and So Are We

“Jane. Stop this crazy thing.”?-?George Jetson, from The Jetsons cartoon, launched in 1962

One of the major media themes?for 2023 is?the launch of next-generation artificial intelligence (AI). Computer systems now utilize language learning models to process and understand human language. These systems can intelligently, but not always accurately, respond to prompts by sourcing vast amounts of online data to generate coherent and relevant responses?

Top technology companies (including Google, Microsoft, Amazon, and OpenAI) have already launched?their own versions, and many others are coming to the market.?If you haven’t yet experimented with these AI platforms, seeing how far they have come is remarkable.?Considering the incredible pace of advancement, it is mind-bending to anticipate where AI systems will be in the future, and how our lives will be affected. One thing is certain:?despite appeals to stop its proliferation, like the George Jetson quote above, AI is here to stay.

So, what are some ways AI may impact our lives, and what are the?ramifications for financial planning??

• AI and automation technologies will likely automate routine and repetitive tasks across industries. This will require human workers to develop more advanced skills.?More job disruptions may be in the future, requiring more education, training, and adaptation for newly formed roles.
• Healthcare may be revolutionized by AI, providing early disease detection, personalized medicine, and precision analytics to improve patient outcomes.?Longevity may continue to increase, leading to higher healthcare costs in retirement.
• Transportation will shift to more autonomous vehicles, likely improving road safety, making ride share more prevalent, and impacting urban planning.?Costs for automobiles and insurance may decline, and residential real estate preferences may change.
• Customer service will become more digital, with AI-powered virtual assistants providing the first line of customized responses.?While I normally prefer speaking to a human,?I expect the advanced chatbots will provide a more immediate and improved customer experience across many industries.?The ease of customized shopping and services may promote more lifestyle spending.
• Financial services will be able to utilize AI to analyze vast amounts of financial data to aid in more real-time strategies and recommendations.?This will include continued advancements in integration planning between investments, taxes, cash flow planning, philanthropy, and estate planning.

While AI will offer benefits and convenience, the value of human expertise, care, and trust are critical factors in effective guidance and decision-making.?With information now available to all, we have shifted from a knowledge economy to a wisdom economy.?At Mission Wealth, our priority will be leveraging data and technology, coupled with uniquely human insights and applied wisdom, to create true value for our clients.

Mission Wealth is a team of over 100 dedicated and caring professionals who are committed to utilizing technology and AI where it helps our clients, while maintaining an emphasis on data security and ethical practices as a fiduciary firm.?We are with you on this journey into the future, ensuring your security and fulfillment remain the utmost priority.

By?Seth Streeter, MS, CFP?, CDFA? | Chief Impact Officer?and Founder

Firm Announcements

Mission Wealth Announces Expansion to Oklahoma and Michigan?

At Mission Wealth, we're always striving to enhance our client?experience. With the addition of three?new?locations, we're bringing our top-notch financial solutions right to the doorstep of our valued clients in Oklahoma and Michigan.

Tulsa Office:?

321 S. Boston Ave.

Suite 300

Tulsa, OK 74103

Ann Arbor Office:?

2723 South State St.

Suite 150

Ann Arbor, MI 48104

Novi Office:?

39555 Orchard Hill Place

Suite 600

Novi, MI 48375

Stay tuned for updates?and valuable insights as we bring our cutting-edge financial services to more vibrant communities across the country.?

Mission Wealth is Proud to Announce Several Promotions and New Team Members?

Mission Wealth is honored to promote multiple team members this July.?These team members exhibit the core values of our firm and have contributed significantly to the Mission Wealth client experience.

• Emil Nazaretyan - Director of Investments
• Jose Monreal, CFP?, RICP? - Senior Wealth Advisor
• Shinaola Atoro, CFP? - Wealth Advisor
• Rachel Roberts - Senior Client Services Representative??
• Cole Haddock, CFP? - Senior Wealth Advisor Associate

New Team Members

Mission Wealth is excited to announce that we have added several new members to our firm. Please join us in welcoming all!?

?Arizona

• Jessie King - Client Service Representative

California

• Oliver Schulten, CFP? ?-?Wealth Advisor Associate?

Colorado

• Peter Ahrens, CFP?, ABFP? - Senior Wealth Advisor Associate

Illinois

• Ryan Miller -?Wealth Advisor Associate?

North Carolina

• Braydan Meyers, AAMS?AWMA? - Wealth Advisor Associate?

Strategy Team

• Michael Malmgren - Tax Manager

Recent Awards & Accolades

Mission Wealth has been named an? Inc. Magazine (Inc. Magazine Best Workplace).?Survey results showed that the word?caring?best describes Mission Wealth’s work environment. 100% of survey participants believed that the senior leaders of the organization value people as their most important resource.?

“We are thrilled and honored to receive the Inc. Best Workplaces award, which is a testament to the hard work and dedication of our team of professionals. Our purpose has always been to provide caring advice that empowers people to realize true wealth, and our core values of caring, committed, growth-minded, and adaptable have guided us in creating a culture that is second to none.”?said? Dannell Stuart , President and Partner.

Mission Wealth has been named to?the Pacific Coast Business Times list of the?Central Coast Best Places to Work?for 2023. The list is the result of a wide-ranging and comprehensive measurement of Ventura, Santa Barbara, and San Luis Obispo companies that have created exceptional workplaces and company cultures.

“Our passion for cultivating an incredible team culture and providing proactive planning, robust investment solutions, and caring service for our clients fuels our growth at Mission Wealth,”?said Chief Impact Officer?Seth Streeter.?“We are building a unique national brand that promotes financial success and life fulfillment.”

Recent Mobile App and Portal Enhancements

The Mission Wealth?portal and mobile app?deliver a dashboard that provides our clients with a complete picture of their finances, including all their assets, liabilities, 401(k), and other held-away accounts. Clients can also access up-to-date performance information quickly and securely and view an intuitive live financial dashboard of their finances, document vault, and interactive reports.

Our app also includes spending and budgeting tools that use transaction data to automatically create budget categories and suggested budget amounts based on historical information. These capabilities can automatically track spending by category, and the app can send you notifications to help you stay on target.

Features:

• Create a budget and gain insight into spending behaviors.
• ?View high-level categories for income, spending, and bills.
• ?Review historical data to educate yourself on what you are spending and saving in each category.
• ?View flexible spending to indicate where you could be tracking against a goal.
• ?Obtain notifications of when you are near a budget or overspending.

Want to Learn More About Mission Wealth?

Click here to read our story, learn about our services, and become a subscriber to Mission Wealth news.

Mission Wealth’s vision is to provide caring advice that empowers families to achieve their life dreams. Our founders were pioneers in the industry when they embraced the client-first principles of objective advice, comprehensive financial planning, coordination with other professional advisors, and proactive service. We are fiduciaries, and our holistic planning process provides clarity and confidence. For more information on Mission Wealth, please visit?missionwealth.com.

To meet with a Mission Wealth financial advisor, contact us today at?(805) 882-2360.

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