Medical and law students undergo a series of prolonged academic studies to achieve recognition of their capabilities and earn the respect of their peers and clients. Doctors and lawyers invest heavily in academics and education for the benefit of their clients and their work for their clients, in spite of the apparent threat from technology and, specifically, artificial intelligence.
What is law and medicine but a series of algorithms? Codified instructions, systematic procedures and diagnoses – ifs and thens. Sounds like a lot of computer programming, doesn’t it? It is no wonder then, to most people with little experience in the field of technology, that this should seem like a career-crushing monster looming in the corner of their minds.
However, in reality, we know nothing is ever the ideal situation. The medical and legal systems are just not as straightforward as coding. Just consider for a second the complicated state of justice and add the human factor into the mix, whether it be problems stemming from backlogged courts, overburdened doctors and swathes of disproportionately defendants (in the medical field, so seems the trend in 2019) accused of negligence or crime. It gets pretty ugly and complicated, because humans are involved.
The same applies to financial planning – the current state of technology is insufficient in providing quality advice that works for each distinct and unique human life. I concede that routine work can be taken on by machines. Many of the tasks that traditionally involved routine and process-based tasks, that do not call for judgement, creativity or empathy, will undoubtedly be replaced by technology.
The Human Aspect
I’m sure, by now, that we have all recognised that humans are outgunned by a combination of brute processing power, data, and unparalleled algorithms – things which a simple human mind and body cannot replicate.
We are witnessing the work of high-performing machines, beating the best humans at difficult games and predicting the decisions of court or a medical diagnosis or in identifying a financial gap.
These are remarkable systems and innovations, but they are also unthinking and unfeeling machines. These systems do not replicate human reasoning and thinking, critical in the legal, medical, and financial planning fields.
I am certain that human experts will always be needed for the tricky stuff that calls for judgment, creativity, and empathy.
Technology will replace a lot of doctors, lawyers, and financial planners, who’ve never done more than their routine work and who fail to embrace tailoring customised solutions that fit a client’s peculiar and unique needs (that are so necessary and so essential).
There is a distinct value in working with a professional financial advisor than simply counting on the robots we have today to handle our financial plans and financial journeys.
Yes, the argument could be made that robots will “eventually take over our jobs” as financial advisors, akin to the threats made to doctors and lawyers, but the real professionals in these fields would embrace technological advancements as a tool which complements and supports our work. Such technology will serve to remove the mundane processes and work systems that has traditionally curbed the time we have for our clients and value we can add to our clients.
Our inclination to believe that technology is going to “take over” our jobs is nothing but a brand positioning and marketing technique that leverages on the bubble and hype of the advances we are making as a human species.
This belief so easily persuades the millennial generation who are born into the era of technological advancements. This belief, as organised and as hyped as they are, is creaking.
Humans, without technology?
As humans working without technology, we are unaffordable and incredibly inefficient, and we often fail to deliver value evenly across our communities. Increased costs of healthcare, lack of access to justice, inadequacy of current personal financial planners and the failure of auditors to recognise and stop financial scandals from spiralling deeper are real problems, problems where technology can come in to aid and resolve.
Technology: An Enabler
By taking away imminent and real impediments in our systems, technology acts more as an enabler than the aforementioned looming giant in the corner, waiting to take over our jobs. It allows experienced and creative professionals to go one step further for their clients.
So in this lifetime, I’m pretty sure that your doctor, your lawyer, and your financial planner, are still going to be very much human and very heavily invested in their profession.
They will simply be a new breed of professionals who leverages on technology in order to give you more accurate results and detailed analyses in the most efficient manner possible.
The Value Of a CFP Certified Planner
I’m an advocate for on-going professional education and lifelong learning. As such, I’ve made it a point to dedicate a good part of my week investing in my education as a certified financial planner (CFP):
“CERTIFIED FINANCIAL PLANNER (CFP) professionals are trusted financial professionals who work with individuals and families to review all aspects of their financial affairs and recommend practical, easy-to-understand solutions for every life stage. FPSB’s research with more than 19,000 consumers worldwide showed:
- Those who work with a CERTIFIED FINANCIAL PLANNER professional feel more strongly confident about their financial situation than those managing their own finances or working with a different type of financial adviser.
- Consumers who have a written, comprehensive plan are nearly three times more likely to feel strongly confident about achieving their life goals.”
More about the CFP: https://fpas.org.sg/cfp-certification/value-cfp-certification/
As a trained professional financial planner since 2018, every prospect I’ve met has had their financial portfolio successfully reviewed and restructured. I’ve busted many myths that insurance sales people, who have little to no professional training in financial education, share with them under the guise of a caring and competent advisor.