I do not drink but I have probably watched every episode of Cheers. I did some research and found that the legendary “bartender therapist” is actually very common. Recently, I read a report on these newer “soda bars” that have become so popular in my state. These establishments, designed like a traditional bar, offer non-alcoholic, but often highly caffeinated “cocktails,” complete with all the social conversation, mixed nuts and even a little “barista therapy” when needed. I asked some teenagers why they would go to one of these places and pay six bucks for, essentially, a glass of soda. Their response focused mainly on the whole social experience. I suppose Utah is trying to create its own teenage version of Cheers.
While pondering this trend I contemplated how Cheers would have been different if Woody had been replaced behind the bar by one of those barista robots I have seen in some places. Robots are fast, accurate, dependable and never ask for a raise. While watching a video of one I was definitely impressed but asked, “What about the therapy?” Can a robot with artificial intelligence(AI) really be a listening ear to someone who just needs to talk? Does a robot know loneliness, fear, or sorrow? Can a computer offer a shoulder to cry on? As so much of our world turns to AI I find myself wondering if, in the interest of efficiency and profits, we have decided that we just don’t need each other anymore? If so, how should we invest for this future and what will become of human laborers?
As I wonder if AI will fully replace humans I am reminded of the movement some years ago in my field of investing where, what were called “Robo-Advisors” started to catch on. Like an investing barista these automated systems would take a quick look at your data and then proceed to mix up a cocktail of investments mathematically calculated to satisfy your needs. These robots were fast, efficient and cheap. There was some concern that we would soon all be out of work. But though very efficient, these computers lacked what I have found to be the single most important element in financial advice. Our business has never been just about the investments any more than a bar is about a beer or a soda bar is about a cola drink. In time, rather than replace humans, like a calculator they became more of a help to allow the humans more time to do what humans will always do best. The same thing happened in the accounting world. When computerized tax planners were being sold by the millions we assumed CPAs would soon be extinct. Today we have more accountants than ever, who use the once-feared automation as an excellent assistant, allowing them more time to spend caring for their clients.
A true financial planner’s real value comes from understanding you as an individual and creating a plan to help you achieve your life’s dreams. Then, during those times when the chips are down, either through personal tragedy or national crisis, your advisor sits down with you, human to human, to help you do the right thing. In those moments, and I have seen a lifetime of them, it is no longer about money or numbers, but about people. It is in those very human moments of great emotional stress, far beyond the capacity of any robot to understand, that the very best financial decisions need to be made. No matter how good AI may be at math, it will never be able to feel the pain, or understand the dreams, of the people whose money it manages; the humans whose very peace of mind depends on an advisors’ listening ear, to go along with the wise counsel.
Dan Wyson, CFP® is a long running national financial columnist, author of several books and CEO/Founder of Wyson Financial/Wealth Management 375 E. Riverside Dr. St. George, UT 84790 – 435-986-9525 Securities and Advisory services offered through Commonwealth Financial Network (TM), member FINRA/SIPC, a registered investment advisor.