Lisa Beilfuss
speaker
24 appearances
1 recordings
1 series
first heard Oct 2018
last heard Oct 2018
Lisa Beilfuss’s voice in public audio — every appearance, attributed to the second.
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Appearances
The price across the financial services industry, the cost of investments are falling.
But one thing that's held steady is the cost of human advisors.
We're starting to see some signs that prices are coming down.
Some firms are cutting rates in order to remain competitive.
And it's also happening as technology is making some of the job easier to do.
Yeah, so technology has made asset allocation easier to do and cheaper.
Robo-advisors are charging between about 30 basis points and nothing to do asset allocation.
Technology is also making advisors more efficient by helping them with certain tasks like generating emails to clients, things that they would normally spend a lot of time doing.
So it makes doing the job easier to do, and then they can take on more business, charge lower rates for clients.
Yeah, some advisors say that their younger clients, the ones inheriting their parents' money, are asking tougher questions about fees that the older generations never asked.
So some of the fees that maybe their parents didn't realize they were paying, the kids are asking, and they know that there are cheaper options out there.
No, they won't go away altogether.
There will always be some people that value having a human advisor to pay a little bit more for advice.
You know, when the markets get volatile, a human advisor will pick up the phone and talk someone through what's going on, maybe save them from selling when they shouldn't.
And there will always be some people that just don't want to manage their own money because it saves time by having someone else do it.
So I think the cost of humans will, the human advisors will always be there and always make money.
It just might be a little bit less than they're making today.
That's right.
It's a relationship business.
And so what advisors say is that they might charge one client one rate, depending on their wealth, depending on what they need.
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