Meir Statman : Emotional Intelligence & Robot Financial Advisors : The Trust Advisor
Meir Statman, the Glenn Klimek Professor of Finance, contributed to a short article for The Trust Advisor examining the value of the human touch and emotional intelligence when competing with robot financial advising services. As an expert in the field of behavioral finance, Statman pointed to emotional intelligence as the differentiating factor between robot and human advisors.
An excerpt from the article:
Financial advisors will indeed become obsolete if they try to compete with robos head-on, according to Statman — who in addition to teaching finance at Santa Clara University also sits on the investment advisory board of robo-advice platform Wealthfront, incidentally.
Instead, advisors should focus on their emotional intelligence, much like a minister or teacher, and act more as a “financial physician” to their clients, Statman tells Foster.
To boost their clients’ well-being, advisors only need ask how they’re doing, he says. This is particularly important during the wealth decumulation stage in a client’s life, according to Statman.
Learn more about professor Meir Statman »