Mongolian Mining Stocks

The day after....what have I done with my life savings??? Those Mongolian mining stocks seemed a much better idea last night. If only I had spoken first to someone who was inside the industry. The example is extreme; the message is not.

I should disclose that I am not an advocate of relying solely on Robo-advice, or the current role of financial advisers either. I support the removal of as much of the technical and operational tasks in financial advising as possible from people. I also believe however that people will always want to deal with another ‘person’ when the emotive issues of money and future hopes and dreams are at stake.

So much more becomes possible by linking the two.

No longer needed will be an adviser to calculate how much money is placed where, in what portions and in what way, or via the current regulatory process we all follow. Nor will they be needed to compile paperwork then move it from one location to another. Today's mainline planning software suppliers are simply the Singer sewing machines of tailors, in the evolution of the clothing industry.

Remember tailors? Everyone used them. Within a short period of time only a few dozen remained. Why? Because what they provide at the cost and effort required compared to the substitute, well-made, quality manufactured suits, appeals only to a small number of people. The substitute does the job well enough at a much lower price point. I bet your wardrobe is full of them. Want to remain a financial bespoke tailor? Then how will you become one of the only few hundred left operating from the 17000plus bespoke advisers in Australia today?

People still need someone to help, but not a tailor- the self-proclaimed technician of financial planning. These advice tailors are those focused on technical excellence, being quasi fund managers or product sellers. Instead they will need a different type of person focused on different things. Think ex-school teachers, small business people adept at customer service, and psych degree graduates. Dealing with one of them easily, on my terms, at fixed low prices with Robo type advice in the mix, prevents Mongolian Mining stocks ending up as the primary investment.

Degrees are not required for the role that replaces ‘the adviser’- certainly not the ones our industry now advocates. The reasons are clear, yet only a small percentage of today’s advisers are adept and focused on them. Being curious about people, possessing coaching (not lecturing) skills, being financially secure themselves, having high EQ and being very, very good communicators!

Thus the role the lead person plays will not be centred on advice (I can hear the screams now). It will be an automated component only. The clever use of the automation of production, logic-based decision-making, product selection and its maintenance, is our future. 80% of people want and need affordable suits and right now, they are dressed pretty shabbily!