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T e c h n o lo g yw il c h a n g e fin a n c ia la d v ic e he way Canadians receive fi nancial advice in the future could change signifi cantly. The biggest Guest Contributor single factor allow ing for the change is the advancement of technology. We can now do things eas ily that were considered impossible just a few years ago. I predict this will affect the delivery of financial services advice in a few ways. The first way will see many advisers displaced by Robo advis ers. Simple tasks, such as rebalancing a portfolio, can easily be achieved by using a computer. There is no real value in a trans action, and transaction-based advisers will become extinct. If a financial adviser is not providing advice and adding value to their client in the form of long-term goal setting and investment strategies, risk management, tax planning, estate planning and insurance, then that adviser is at risk of being regarded as obsolete. The pending new disclosure rules set to be implemented this January 2017 will provide clients with more transparent information that will make it easier for clients to determine if an adviser is adding value, or just a hindrance to achieving their financial objectives. For good advisers who do an excellent job at providing advice, the advancement of technology will provide them with better tools to serve their clients. In that regard, the quality of financial advice will improve. Technology will allow for a change in the business model of how financial services are provided. Currently, most fi nancial planning meetings are done face-to-face with a client and their adviser. Under that model, the locations of the adviser and client are critical factors in establishing and maintaining the busi ness relationship. Now, location is no longer critical. Tech nology allows for an efficient meeting to take place without the participants sitting in the same room. Currently, a productive financial planning meeting will likely include discussion of many agenda items, including reviewing past investment returns and completing a cash flow analysis to see if the client is on target to successfully achieve specific financial objectives. That typical face-to-face meeting can be completed without the use of paper and everything including the agenda, invest ment returns and cash flow projections are done on a comput er screen. Being in the same room is no longer critical because very little, if any, paper is being passed back and forth. That opens up many different options on how a client and financial adviser interact. Perhaps the client' s busy schedule does not allow them to spend the time necessary to com mute to an advisers office. Also, consider a person living in a rural area or small community that does not have good options of knowledgeable financial advisers. That client can now access good advisers in larger communities. The flexibility of not having to be face-to-face during meetings is also an advantage to the adviser. An adviser might choose not to live close to a traditional office, or might want to continue servicing clients while they are out of town. Technology has allowed the disruption of many well-es tablished industries, the financial services industry is not im mune. Things will be different and many clients, w ho have value-added advisers, will benefit by receiving a better qual ity of financial advice in a more convenient way. -- Submitted by Peter Watson of Peter Watson Investments 1 7 |Thursday, November 17, 2016 | OAKVILLE BEAVER | www.insideHALTON.com For more news, visit insidehalton.com /oakville-on. 'Like' the Oakville Beaver on Facebook. FALL C LEA N IN G T Dollars & Sense A s a M a id R ig h t o w n e r y o u h a v e m y q u a lity g u a r a n te e w ith e v e r y c le a n . 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