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Originally Posted by Rutuu
Fair response. Disclosure on my side is I work for a bank down here in Australia and all the middlemen are under fire. We're funding fintechs with platforms that replace every brokering channel. Now. Today.
Everything you detailed above is better done by an algorithm. It's all just a set of rules connected to a database. It offers the consumer a better experience and it can scale.
Looked at our lending stats and the matrix lending we do outperforms the humans by 5x. Plus the computer doesn't sell you income insurance because they get a trailer.
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Yeah and there is no question that fintech is huge here in North America as well. Aside from the obvious, there is a lot of money in finance and silicon valley wants a piece of that. I'm not naive enough to think that my role is somehow exempt from that! The climate in Australia is quite different though as advisors in general saw massive legislative reforms, which is only sort of happening here.
Time will tell whether we go as far as they have though. I do think it's moving in that direction, and for advisors who plan to be around in say a decade you had better have some impressive specialisations or face the fact that you're simply not going to be as profitable. That is a whole other discussion though because there are a lot of unintended consequences.