Voices Hey Google: What’s the future of financial advice?
December 13, 2019 by Jud Mackrill
Google made a ripple in the financial services sea earlier this month when it announced, somewhat quietly, that it is wading into the industry’s most traditional financial services (except for maybe the barter-and-trade system) — banking.
“Cache” is Google’s code name for its smart checking account solution, rolling out next year in partnership with Citibank and Stanford Federal Credit Union.
Though we all delivered the obligatory gasp and sigh upon hearing the news, it really did not come as a surprise; we are seeing this kind of play more and more by the FAANG firms. We’ve known for years that tech behemoths like Apple, Amazon and Facebook are sitting on loads of consumer data and would make moves to gain even more access and control over how consumers spend their money.
Rather than a disruption, I see the incursion as a call to action. It’s now time for all good advisors to be open to both the challenges and opportunities that these developments afford us as business leaders, to brush off the fear-mongering headlines about how this will “disrupt” our industry and instead focus on what we do best.
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