Chia-Li Chien, PhD, CFP®, PMP®

Robots are being more and more accepted in the home for utility and entertainment. They help us by freeing up time for other enjoyable things. Robo-advisors in the financial industry are used to reduce costs for investors. They successfully manage billions of dollars in assets and are projected to expand in the future. According to the Journal of Financial Planning, about 25% of financial advisors use robo-related tools when managing their clients’ assets. Use of robo-advisors by tech-savvy Millennials and Gen Zs makes sense, but it seems the more automation is out there, the more human advice or contact is needed. We still need the human interaction to relate our emotional needs to financial decisions. An example of a human interaction surpassing an automated one involves an artist being shoe-horned into the family restaurant business that was amicably resolved the human way. Another scenario involves family preparation of heirs to receive and survive inheritance, again, the human way with family governance. The future of financial advising is about areas that robots can’t yet handle. That is, to teach and learn proper financial behaviors when making financial decisions.

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Chia-Li Chien

Assistant Professor and Director of Financial Planning Program at California Lutheran University School of Management

Chia-Li Chien, Ph.D., CFP®, PMP, is a Succession Strategist of Value Growth Institute, dedicated to helping private business owners increase the equity value of their firms. Dr. Chien is also Assistant Professor and Director of the Financial Planning Program at California Lutheran University. She is the award-winning author of the books "Show Me the Money" and "Work Toward Reward." Dr. Chien can be reached at jolly@chialichien.com.

Latest posts by Chia-Li Chien (see all)

• Do-over Exit? - May 14, 2019
• The Future of Financial Advising - April 24, 2019
• Show Your Love in Social Security Claiming - April 23, 2019

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