High-paid financial services jobs that involve a lot of data collection and processing are among the most susceptible to being replaced by robots, according to a new McKinsey & Co. report. And it's the high salaries that come with these jobs that make them more likely to be turned to automation than lower-paid jobs in construction, retail and refuse collection, CNBC is reporting. While the report states that automation could take over those tasks, robots wouldn't necessarily replace humans. "The world of finance relies on professional expertise: stock traders and investment bankers live off their wits," said Michael Chui, a partner at the McKinsey Global Institute. "Yet about 50 percent of the overall time of the workforce in finance and insurance is devoted to collecting and processing data, where the technical potential for automation is high."
Now with 380 investment options.
A new partnership is supplying financial advisors supported by Cetera with Jefferson National's Monument Advisor, a flat-fee, investment-only variable annuity. Monument Advisor has 380 investment options, including 70 alternatives. Larry Roth, CEO of Cetera Financial Group, said Monument Advisor has the most funds and most alternatives in the industry, making it more than just another variable annuity. Jefferson National said the solution can potentially enhance the performance of tax-inefficient assets and strategies that generate ordinary income and short-term capital gains, such as fixed income, REITs, actively managed funds and many high-turnover liquid alternatives. By putting Monument Advisor on the Cetera platform, Cetera advisors can use Monument Advisor to manage tax-deferred assets alongside taxable vehicles.
Creative Planning, the Leawood, Kansas-based wealth management firm run by Peter Mallouk, has hired Jonathan Clements as its new director of financial education. Clements previously spent 20 years writing about personal finance for the Wall Street Journal. In the new role, he'll be responsible for speaking at the firm's events and developing newsletter content for clients. "As a journalist and author, I am deeply passionate about helping people cut through the noise to make sound financial decisions," Clements said in a statement.