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15015 Jamestown Boulevard, Suite 100, Baton Rouge, LA 70810. 

Advisors of Horizon are Registered Representatives of Cetera Advisors LLC, a broker/dealer and Registered Investment Adviser.

Aug 3, 2018

Summary:

 

During this installment of The Confident Advisor Practice from the Horizon Advisor Network, hosts Bill Bush and Chris Sullivan interview guest Richard Whitworth, the Managing Director – Business Consulting at Cetera Financial Group. The talk moves around various topics and concerns related to the changes that artificial intelligence are creating in the financial advisement and investment community.

 

Time Stamped Show Notes:

  • 01:32 – How advisors look at their exit strategies, ever-increasing regulations, and how to stay relevant are all general concerns financial advisors have about A.I..
  • 02:59 – The average age in the industry for the independent channel is about 56 years old.
  • 05:10 – At a client’s moment of need is when human financial planners outshines artificial intelligence.
  • 07:00 – If advisors really know their clients, and accept that big data is going to be omnipresent, is going to lead to a solid firm.
  • 09:11 – Horizon Financial Group is divided into three companies: Horizon Wealth Management, retirement plans, and the Horizon Advisor Networks.
  • 14:28 – Advisors have access to a vast supply of inputs and information to understand how big data can assist them.
  • 17:15 – Horizon has the opportunity to share real world examples with advisors.
  • 19:34 – Being rooted in quantitative stats helps you drive better performance for your firm.
  • 21:25 – Do you have the right configuration of people?
  • 21:55 – Being able to look at data and what your work flows look like, and then being able to build checklists or roadmaps for those workflows drives process efficiency.

 

3 Key Points:

  1. General concerns financial advisors have about A.I.. include: how advisors look at their exit strategies, ever-increasing regulations, and how to stay relevant.
  1. Baby boomers are high adopters of new technologies.
  2. What is the division of your clients?

 

Tweetable Quotes:

-    “The average age in the industry for the independent channel is about 56 years of age.” – Richard Whitworth.

-    “There is a high percentage of advisors that have an indication that they are going to exit in the next five to ten years.” – Richard Whitworth.

-    “At its core and definition, the investment management, wealth management, and advice business is a high-touch client relationship-driven business.” – Richard Whitworth.

 

Resources Mentioned:

● Richard.Whitworth@Cetera.com – Richard Whitworth’s email address