The Need for Financial Tech

Did you know that your eyes process and translate light into your retina about one-tenth of a second before the brain translates the signal into a visual perception of what we see? What does this even matter you must be asking. Well, it matters a lot, especially when we all agree that we cannot add any more time in one single 24 hour day. This information proven by science indicates we are working at about 1/10 or less of our actual ability. But what if there was a way to enhance that? What if there was a way that would allow you access to life's cheat codes, so to speak, that would allow you to get ahead of the power curve? Well, their is! Our money is a source of power, and many would argue that it is the single strongest source of power in our world.

From the world of business, money is so critical, it can make or break a company. From a family or individual standpoint, it's just as important, as we all see the different classes of wealth in our country and understand the necessity of money for survival. But what about thriving financially? We are not taught how to become good with our money, but we hope that we will pick up a few pointers here and there, maybe even trust a few people throughout our lifetime to help us with some financial products. But is this really helping us become better financially or more disciplined with our money?

We need to agree that the current way business is conducted in the financial industry, it claims that hiring a financial advisor (that makes a living on selling products for a specific company) will actually solve your financial problems, and or make you become better with your finances, to me is not a completely accurate statement and is a double edge sword. As a successful practicing advisor for 10 years, something has become clear, that there is a very limited amount of people in a year that I can help and give advice to. More so, as an advisor and someone who gets paid to help people solve large financial problems, I have also realized that the fact that I cannot be in front of a client 24/7 helping them with their finances, and the reality that we will only meet a few times throughout the year, really concerns me that I cannot help them even more, all because of the word, "TIME".

What about all the people in one given year that need financial advice or help, but who don't meet the so-called minimum ideal client standards for some of our big financial companies? We say that we are the financial industry, and we are the ones that can help people with their money, but yet so many Americans don't qualify for help or have enough money to get help by the standards of most financial organizations. So what happens? They get turned away and another person is now without help and doesn't know what to do.

The other major issue for consumers and customers is the financial industry goes through so many people and has extremely high turnover. How is it that any consumer can feel good about wanting to trust an individual with all their money and build a relationship on the premise that the advisor will continue to be working for the client, when we know this changes for people every day and accounts either go dormant or picked up by a new person at the company. So don't you get you tired of having to deal with a new sales person / advisor, having to tell your story over again, hoping that this new person reflects what you liked about the other person and that you feel confident in this company or persons ability to help you become better with your finances? I know all of this would either give me a headache, or psychologically, I would probably not feel motivated to want to spend more time on this so called "Financial Planning", and for the client, their only real objective is to get better with their finances. This is the current system and consumers are not happy, and they sure don't feel like they get what they truly need.

So what's the alternative? Technology! This is the key to unlocking life's cheat codes. We cannot deny that the very fabric of the financial industry is now so digitized, that everything is online. Furthermore, the industry keeps moving forward on digital currency that hopes to replace our current paper money. So we cannot deny that this isn't our inevitable future because it is.

We are nowhere near a complete paradigm shift from a real person giving advice to all online, but it will happen and nor do I think that one will be completely replaced by the other, but just like Coca-Cola and Pepsi, they both exist because people want choices and options and if there is a whole nation of individuals who are saying they need help with their finances, but they don't get the help because their profile isn't good enough or they don't make a lot of money. Then for the majority and the ones who are not the 1%, technology is the clear answer.

Let's embrace financial technology, because it will help us all become the best financial verisons of ourselves!