After graduating from the University of Colorado Boulder with a Bachelor’s Degree in Business Administration with a concentration in Finance, I thought I’d go to work for one of the large financial firms or banks. Instead, I was intrigued by something very different – what Sean Khaligh envisioned when he established EQ Private Wealth Advisors – a boutique investment and wealth management practice that helps clients balance their emotions and feelings about money with reason and logic to make better financial decisions.
Being a millennial, I’m very comfortable with technology, artificial intelligence (“AI”), and predictive analytics and their wide-ranging applications which include enhancing client service, improving cybersecurity, and taking on the technological aspect of investment and trading functions. However, does any machine-driven system have the capability to understand a person’s fears or frustrations; their disappointments or uncertainties? Can it relate to someone who is worried, wary, or worn-out? Or angry, annoyed, or avoiding something?
Moreover, can any technology truly listen? Listen better than a trusted human financial advisor who is genuinely and sincerely interested and curious about people? Can it ask incisive questions and give people time – as much time as they need – to think about their situation for themselves … or will it just collect information…run it through a series of algorithms…and spit out a solution?
At EQ we embrace technological advancements that provide our firm with additional insights permitting us to expand our thinking and improve the advice our advisors provide. But we will never turn the controls completely over to a machine and abrogate the fiduciary duty to our clients to exercise judgment with care, skill, and caution.