We recently acquired a so-called Lazy Susan. You know, one of those devices that you set on a dining table to spin around and send the salt and pepper to anyone at the table. At the risk of encouraging laziness, with so many people around our table at dinnertime, it seemed to be a net gain. And to my knowledge, there are few substitutes for this simple device. There isn’t an app on my phone that can spin the salt and pepper around to whomever needs it. These simple contraptions no doubt come in many different shapes and sizes, but at the end of the day it has a job to do, does it well, and cannot be easily replaced.
There isn’t an app for real relationships, either. I was reminded of that a few nights ago, sitting around a dinner table with a group of friends enjoying a southern version of New Year’s Day dinner. Nothing in the App Store can replace that experience. And for those seeking a partner and a professional to help them manage, plan, and engage in their financial success, there isn’t an app that can replace the working-together part of that relationship. Certainly there are technologies for everything else in the financial planning space including:
- Tax planning
- Expense tracking
- Portfolio management
- Investment research
The old way of providing professional financial services is changing. If what you tout to potential clients focuses strictly on the mechanics of financial planning or selling products, you’re missing the mark of real value for those would-be clients that are seeking out a partnership relationship. The rest of it, from investing to budgeting, is on our phones.