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Planners' human touch will beat the advice robots - futurologist
Technology and the pace of change was moving at an ever faster pace but Financial Planners and Wealth Managers who focus on the human touch would continue to be in demand for many years, one of the country's leading 'futurologists' Matthew Griffin told the PFS Annual Conference today.
Mr Griffin said the current and imminent developments in many areas of technology would bring huge change and affect nearly every aspect of life but wealthy clients would still demand the ability to engage with and question a human adviser.
Mr Griffin is founder and CEO of 311 Institute which advises governments, leading companies and HNW and UHNW individuals on future trends so that they can keep up with 'disruptive' technologies.
He told delegates at the 'Futureproof' conference at the ICC, Birmingham, that future technology changes would profoundly affect life.
Laboratory-grown meat, 3D printing of everything from shop products to buildings and massive improvements in battery and solar technology as well as AI and smart apps would change many aspects of life.
Developments in robo-advice were impressive, he said, but it was difficult currently to beat a human intellect when it came to advising on complex financial matters. It would be many years before this would change, he predicted.
He told delegates: "The HNW and UHNW people I talk to will never go to a chatbot. With a human in front of you you can challenge their assumptions and dig deep into their reasons.
"Your clients will need you more, not less, in the future."
However he added that planners had to be aware of the major impact that changes in all areas of technology and life would have on financial decision making.
One area was client longevity. With clients potentially leading much longer, healthier lives that would need to be planned and paid for.
• Financial Planning Today will be reporting live from the event, so check our website regularly for updates and check our Twitter account on @_FPToday and #PFSFutureProof for continuing coverage.