The future of financial advice has been going in a new direction for quite some time. The business is shifting towards technology with less commission-based costs and, as the client, more emphasis on your financial needs being met. Technology helps break down costs and this means that the advisor can give the option of charging a flat or hourly fee. In the past, advisors would receive a commission or charge percentage of invested assets, but as it turns out, there are better ways to pay for financial advice. By implementing a flat or hourly fee, the advisor doesn’t take advantage of an increase in savings and is able to give an unbiased and honest opinion. They can focus more on helping you reach your goals and not on how much they get paid. Lastly, technology helps the advisor establish a virtual picture of your financial life, which gives them an easier break down of how your money is being managed. It allows the advisor to analyze in detail of how your investments mesh with your financial goals.
Technology is a great tool, but it can come with its share of ups and downs. Here are some pros and cons with technology in financial advising:
- It opens the possibility for unique fee structures like flat or hourly fees.
- Added convenience of online communication and document sharing.
- Robo advisors can work on your schedule and convenience.
- Large firms can automate many investment processes.
Cons: of Robo-Advising and larger firms:
- They can still charge large fees or even resort back to commission-based costs.
- They lack the personal and relational touch of a face-to-face advisor.
- Too many hands means that you could be paired up with a different advisor each time you check in.
When your finances are involved, you should have peace of mind in who exactly is handling them, what’s in it for you, what your payment options are and be treated better than just a number or profit. You can still have the expertise and technology of a larger advising firm in a local, smaller firm that gives the added extra personal and relational touch you can depend on. It’s your money and you should know how to make it work for you.
In this new era of financing, Stephan Shipe, owner of Scholar Financial Advising, LLC, is just the advisor who is embracing these new technology trends with no signs of going back. He will help you achieve your financial goals with the added bonus of educating, encouraging and empowering you in the knowledge of how and where your finances are being invested. You can share and store investment documents in the Cloud, have video chat meetings that are more convenient than searching for a physical location, utilize technology to keep your finances in line, and a new fee structure to ensure you’re not blind-sided by increases or hidden payments. With Scholar, you talk to Stephan and Stephan only. If you want to meet face-to-face over coffee or lunch, he is able to do that because of his local presence in Winston-Salem. Want to know how the market is doing and how it will affect your investment? Stephan will be there with no middleman or automated teller in the way.
Contact Stephan Shipe and Scholar Financial Advising
Stephan Shipe is accessible Monday through Friday 8 a.m. to 6 p.m. Scholar Financial Advising is located in Winston-Salem and serves clients in the local Piedmont area including Winston-Salem, Clemmons, Lewisville, and Greensboro. For more information, visit https://www.scholarfinancialadvising.com/wsj/ or call 336-582-0345 today.
At Scholar, we are built for the future in finances and we treat every project with a unique approach and fresh thinking. Take the future of your finances into your hands with comprehensive financial advising right here in Winston-Salem. Scholar Financial Advising, LLC, take control of your finances today.