AI vs. Human: Who Should Physicians Rely on for Their Financial Advice?
By Jared Andreoli, CFP®, CSLP®
Have you ever encountered patients who think WebMD has all the answers? Sure, AI-generated health advice may work when it’s something simple, like a cold. But for more complex needs, it’s best to rely on advice from a trusted physician, like yourself.
The same can be said when it comes to relying on AI or robo-advisors for your finances. While these tools are great for beginners, they can’t do everything—especially when it comes to the specific financial challenges faced by physicians.
Let’s explore the top reasons for working with a financial advisor over a robo-advisor.
Custom Advice
As a physician, you know that an accurate diagnosis often requires more sophisticated testing—and a keen eye for detail. With robo-advisors, its scope is limited to its algorithm or the lines of code it uses to make decisions; it makes decisions based on the basic information you provide. Any investment recommendations are based on simple data like risk tolerance, investment amount, and time horizon.
With a human advisor, there’s no one-size-fits-all prescription. They want to get to know you, not just the numbers on paper. Human advisors look at your overall financial health to pinpoint areas for improvement and formulate personalized solutions to your more complex financial challenges.
A human financial advisor takes a more nuanced approach, so you come away with a plan for your specific goals. Whether it’s paying down those student loans, retiring early, or growing your practice, an advisor can craft a custom strategy to pursue your goals.
Specialization
Robo-advisors tend to have fewer fees than advisors, so they may be a good fit for anyone starting with more modest balances. But it’s incredible how much your portfolio and your needs can grow over a few years. If you’ve tinkered with AI for a while and find you’ve outgrown the platform, then it may be time to consider upgrading to a human financial advisor.
Financial advisors undergo years of specialized training to help clients handle their finances and progress toward their financial goals. They stay up to date on the latest financial news and trends to provide current and relevant advice. No matter what’s happening in the markets or in your accounts, your financial advisor is equipped to develop the plan you need to pursue your financial goals with confidence.
Accountability
Let’s face it, very few of us are immune to shiny-object syndrome. Like most major commitments in life, having an accountability partner can help you stick to your financial plans. A trusted financial advisor can give you that gut check when you’re tempted to veer off course.
Plus, when the market noise becomes almost deafening, an advisor reminds you of your goals so you can stick to your plan. Rather than be drawn away by the herd, they can help you stand strong and build confidence in all your financial decisions.
Supportive Guidance
Despite our best intentions, most of our major financial decisions are rooted in emotion, not logic. Whether we realize it or not, these emotions affect our ability to make wise financial and investment decisions. In your own life, you might feel stressed out or concerned during times of economic uncertainty; then carefree or impulsive when your investments are performing well.
With all its logical programming, AI cannot compete when it comes to emotional support. This is where a trustworthy human financial advisor pulls their weight. Instead of letting your emotions run the show, advisors look at your situation objectively to help you make informed decisions, even in challenging moments.
Partner With a Human Advisor
When robo-solutions start to fall short, a financial advisor can step in with a personalized plan.
At Simplicity Financial LLC, we embrace technology, while believing in the power of a human touch. We look beyond the numbers to give you advice that fits your unique needs as a physician.
Get started by scheduling a free consultation, or reach out to us by emailing jared.andreoli@simplicityfinancialllc.com or calling 414-207-6473.
About Jared
Jared Andreoli, CFP®, CSLP®, is president and financial planner at Simplicity Financial, a fee-only RIA dedicated to helping early-career physicians conceptualize their financial picture and achieve their financial goals. Jared specializes in devising individualized financial road maps for clients, and he loves nothing more than a full-day meeting with clients who value his partnership to solve problems—big and small.
After college, Jared spent six years working as a mutual fund administrator for a large company. While he learned an immense amount about the financial world, he was missing the personal connection of working with individual clients. Combining his passion for finance and personal connection, he established Simplicity Financial in 2017.
Jared has a degree in finance with a concentration in financial planning from Western Kentucky University, along with the CERTIFIED FINANCIAL PLANNER™ (CFP®) and a Certified Student Loan Planner (CSLP®) certifications. Outside of work Jared enjoys cooking and traveling. He played baseball in college and still coaches occasionally. He and his wife recently welcomed a daughter, who occupies most of their time. To learn more about Jared, connect with him on LinkedIn.