We believe two of the biggest trends* in financial management this year are almost a paradox of each other. But when the balance is right between the two, the returns speak for themselves.

*No – stuffing your cash under the bed is not a top, nor recommended, trend.

Digitalisation

‘There’s an app for that’. Consolidating your incoming and outgoing financial information from across multiple platforms, institutions and markets; reporting in real time; and managing trade is all made possible in secure and sophisticated mobile applications.

We’re particularly impressed with the consolidation functionalities. Our team here spent a good part of 2020 pressure testing some of the latest platforms to add to our digital financial services suite, and we look forward to introducing some in a measured way. From big-picture to minute details, it will transform what you know about your value and your money, and therefore how you manage it.

Personalisation

It’s all about you, and it absolutely should be. As we spend more and more of our lives online, it can make sense that we’ve become over-reliant on the content we find. Personalisation is back on the top-trends list (not that it should have ever dropped off) and we couldn’t agree more.

To compare, we would be unwise to accept medical advice solely from a chat-bot, and we all know the perils of Google doctor. The same applies for your financial health. The systems and approach should be tailored to individual goals, needs and circumstances, including – or perhaps especially – challenges.

Some clever robo-advice applications can make instant financial recommendations to suit your search terms and criteria. That is where it falls short though. A digital program cannot know your best interest, must be closely monitored, and should be transparent to the consumer about the performance and fees of financial products.

Robo-advice may suit you in your research stages, but we cannot emphasise enough the benefits of quality, comprehensive and personal advice when it comes to complex personal matters such as inheritance, insurance and superannuation, SMSF, gearing, divorce and retirement.

If any of these ideas prompt questions in your mind, please feel free to contact our Senior Financial Planner, Christine Hallowes.