Gwen Garrison interviewed for US News article on Financial Advisors

Gwen Garrison |

The following article is excerpted from a US News article that appeared August 26, 2020.

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How Robo Platforms Transform Traditional Advisory Business

By Kate Stalter, Contributor

Robo platforms free up traditional advisors to provide more service

FINANCIAL ADVISORS ARE increasingly turning to robo advisors, technology platforms that no so long ago were viewed as fierce competition.

Robo Platforms Free Up Advisors

In response to the growth of robo advisors, traditional advisors ramped up their planning capabilities and emphasized their personal touch and ability to address any complex situations a client may have.

While those remain key points of differentiation, it turns out that robo platforms actually free up traditional advisors to provide more service.  The robo firms offer special platforms just for financial advisors to hold client accounts.  The robos handle rebalancing, as well as performance reporting and billing, allowing advisors and planners to focus on big-picture planning topics with clients….

“To continue to grow, the financial planning industry will need to evolve and service clients who may have traditionally felt left out of the conversation,” says Kevin Smith, vice president of Wealthspire Advisors, based in New York.  ….

 

Gwen Garrison, president and financial advisor at LifePlan Financial Advisors in Newnan, Georgia, uses a robo platform called $ymbil, developed by her firm's broker-dealer, Ladenburg Thalmann, and designed so clients with fewer assets can begin investing.

 

When the platform launched, Garrison says, she was delighted. "It's kind of like an incubator. I still use it for small accounts for whom a more traditional portfolio manager account is too expensive relative to the size of the account."

Garrison appreciates that $ymbil includes her contact information on a client's log-in page. "So if they need help, they can call me. I also can monitor the accounts and see how they are doing. We set an alert for when the account reaches the goal that we set for the incubation period," she says.

Most of Garrison's clients are middle income and don't fall into the high net worth category.

"They do not know a lot about investments and want someone watching over their investments, even in a robo advisor," she says. "They are vulnerable in that if they have major losses, it can seriously impact their ability to be financially secure now and in retirement."

See full article here

If you want a financial advisor who can meet you where you are (small, medium, or large investor), we encourage you to reach out to Gwen or Sibyl by going to www.lifeplanfinancialadvisors.com to schedule a virtual meeting or a phone call.  There is no charge for an introductory conversation.