Millennials Need Advisors Not Apps

I watched the Super Bowl this weekend, and unlike our American counterparts, us Canadians had to sit through some pretty crummy ads. The topic that kept appearing again and again was personal finance ads targeting millennials. They all seemed to go like this:

“Download this app, it’s easy! You’ll be rich in no time”.

Now, I am of the boomer generation. Sorry, not sorry. And honestly, the last thing I want to do is say, “Sit here son, let me show you how the world works”. In fact, it’s usually the opposite. My kids teach me new things all the time.

We live in a digital world. Please do not mistake me as some dinosaur who is anti-tech.

That said, if Covid has taught me one thing it’s that technology can only go so far. Nothing replaces the feeling you get sitting one on one with someone and having a conversation.

Apps are not advisors.

An app can’t talk you off a ledge when you’re about to do something irrational. Selling and trading stocks? Sure, an app can do that but can it help you with making that right decision.

I am in the people business. Our business is managing money, of course, but more so we manage emotions and expectations. I understand it is easier to sign up online, click a few buttons and start saving. And honestly, I shouldn’t discourage this because I love saving! But it must be said that apps cannot replace advisors.

One of the fallouts of our digital world is even though we have more followers than ever we seem to have fewer friends. My clients are my friends. It sounds cheesy to say, but I know them quite well. I know what they do for fun, how much risk they allow, and what their hopes and dreams are. A good advisor works with you to not only manage your money but to be a teammate and confidant during troubled times.

I say again, an app can’t do that.

You would never wire up your house without the go-ahead of an electrician. Why? Because you could burn down the neighbourhood! And we all know what happens to defendants who play their own lawyers. Professional advice and working with trusted, educated, and experienced people are keys to success.

Eventually, we may all be replaced by robots. But until then I will continue working with people and serving them in ways an app never could.