NEW EPISODE ALERT!!

I recently had the pleasure of sitting down with John Henry, founder of Story Makers Investment Advisors, for a candid chat about the future of financial planning. If you haven't checked out the full episode yet, you can listen on Spotify or Apple Podcasts.

Let me tell you, this conversation was a eye-opener. We dove deep into the world of AI, machine learning, and the human element in financial planning. Buckle up, because we're about to challenge some preconceptions and explore the cutting edge of our industry.

From Math Professor to Financial Planner

John's journey into financial planning isn't your typical Wall Street story. He started as a math professor and data scientist before realizing there was a gap in financial literacy among his peers. That's when he decided to pivot and become a financial advisor.

Here's the kicker: he thought he'd only work with data scientists on investments. But guess what? Life had other plans. The demand from various clients pushed him to expand his services and expertise.

The Human Touch in a Digital World

Now, let's talk about the elephant in the room: AI and machine learning. As someone who builds these systems, John had some fascinating insights:

1. AI is great for summarizing meetings and gathering preliminary information.

2. It's improving in areas like math calculations, which used to be laughably wrong.

3. But – and this is crucial – it can't replace the human element in financial planning.

Remember that story John shared about the teacher almost falling for an online investment scam? That's where the human touch becomes invaluable. No AI could have delivered that tough love message with the necessary compassion and understanding.

The Future of AI in Financial Planning

So, where's this all heading? Here's my take:

1. AI will make us more efficient, handling tasks like note-taking and research.

2. It'll free up our time to focus on the emotional and personal aspects of financial planning.

3. For retail investors, AI might help level the playing field against big institutions – but only to a point.

John's working on some exciting stuff, using machine learning to analyze thousands of variables for optimal asset allocation. But he's cautious about making it publicly available due to regulatory concerns.

The Subscription Model Dilemma

Here's where things get real. John opened up about his struggles with finding the right business model. He switched to a subscription-based approach, thinking it would make his services more accessible to those who need it most.

But here's the truth bomb: it hasn't quite worked out that way. The subscription model seems to attract more high-net-worth clients who see it as a bonus service.

This highlights a crucial point: as an industry, we need to do a better job of educating the public about alternative fee structures. People are used to the old percentage-of-assets model, but that's not the only way to do things anymore.

The Bottom Line: Just Get Started

If there's one takeaway from my chat with John, it's this: just get started on your financial journey. Whether you're a teenager dipping your toes into a Robinhood account or an adult looking for comprehensive planning, the key is to take that first step.

As John puts it, "Think about your future self and do them a favor by getting started today." It's not about getting rich quick – it's about building a lifelong journey of financial health.

Your Next Move

Ready to take control of your financial future? Here are some actionable steps:

1. Listen to the full episode for more insights from John.

2. Check out John's LinkedIn for more of his thoughts on finance and AI.

3. Reach out to a financial planner (like yours truly) to start your wealth-building journey.

Remember, wealth building isn't a sprint – it's a marathon. But every marathon starts with a single step. So what are you waiting for? Let's get moving!

Until next time, keep building that wealth!

Stoy