So much of what we do each day focuses on our clients. From investing to banking to estate and tax analysis and beyond, each interaction attempts to help our clients live happier and more peaceful lives. As I celebrate my 26th year in the industry (I started December 1997), I cannot help but reflect on how our clients have helped us help them.
There are multiple ways for me to get from Cole Valley, where I live in San Francisco, to the One Wealth Advisors office in the Mission each morning. While not the most time efficient, I choose to take the N Muni train for a few stops just past Duboce Park and walk the remaining almost twenty minutes to get to work.
In this ever-evolving digital age, where AI is not just a buzzword but an intimate part of our daily lives, it’s increasingly important to talk about the ‘E’ word – Empathy. Sure, as we delegate more tasks to our tireless, silicon-based friends, the other E word, Efficiency, also spikes up. But amidst this surge of productivity, let’s not forget that empathy, that uniquely human trait, doesn’t come pre-installed in these machines. In a world where AI can draft emails, drive cars, and even write blog posts, the need to remain empathetically human becomes not just important, but essential.
Cognitive decline, a natural part of aging, can significantly impact an individual’s ability to make sound financial decisions. As we age, changes in cognitive abilities such as memory, attention, and executive function can subtly erode our financial acumen. This decline can range from simple forgetfulness to more severe forms of impairment like dementia. The effects are far-reaching, affecting everything from daily budget management to long-term financial planning. Alarmingly, the decline often goes unnoticed by the
individuals themselves, making them vulnerable to financial mistakes or exploitation.
Yesterday – which happened to be January 1st, I was in my living room, on my bike, which I was riding via an app called Zwift and a machine called a Wahoo Kickr, both of which allow me to simulate real road riding right in the comfort of my own living room. I was also watching my favorite soccer team Liverpool FC, beat up on archrival Newcastle in the English Premier League, 3,000 miles away in Liverpool, UK. In the throes of a 250-watt push on the Champs Elysee’ in Paris (the app video simulates cities all over the world), I began to think of how easy it is to be alone these days.
At One Wealth Advisors, a primary driver behind the growth of our business has been from client referrals. Our philosophy has been that the more we focus on client service and planning, the more clients might be inclined to introduce us to a friend, family member or any other individual in their network. Upon being introduced to a prospective client, oftentimes we are asked, “What is your minimum?” When we first started One Wealth my favorite answer was to say, “Our minimums are nice people!”
So much of what we do each day focuses on our clients. From investing to banking to estate and tax analysis and beyond, each interaction attempts to help our clients live happier and more peaceful lives. As I celebrate my 26th year in the industry (I started December 1997), I cannot help but reflect on how our clients have helped us help them.
I recently sat in on a presentation on Artificial Intelligence. What struck me was all the capabilities that AI offered. If you understand how to properly prompt it with questions, it can be very efficient. AI can automate repetitive or mundane tasks, reducing workload and human errors. For example, it can record a conversation and summarize what was said concisely and accurately in a nanosecond. I believe this new technology will save time and perhaps reduce the need to add headcount, in some cases at the expense of eliminating jobs. However, in reducing the need for hiring and training additional staff, AI is cost effective.
If someone asked you today, how do you feel about the economy, what would you say? What about the stock market? If you follow the news, what is your perception of 2023? These questions may feel quite loaded, but they have been on my mind as we approach the end of the year.
