Philip Steiner 

March 19, 2018
Possibly the first choice would be to go to your preferred advisor who could possibly be from a bank, or also an independent financial advisor. Right? This advisor would first check your individual needs and personal environment, only  then to support you in gaining the best knowledge regarding investment opportunities. He presents you products which fit your personal life-situation. But you as a customer still need time, as these decisions aren’t just made on a whim. You are not yet sure about the final investment decision. Eventually, asking a friend who’s in a similar situation would help you decide, having now more than one informant. Living in the modern age, you might also look within the world wide web about the possibilities – or maybe you should ask another advisor and compare their opinions?

It is already there: The significant word ´opinion´

The advice regarding your financial investment is based on trusted opinions. These can be influenced by personal preferences and knowledge: it would be impossible for one person to have in-depth knowledge about all options. Additionally, the background of commission arises. Certain products have a higher commission compared to others. As a customer, you do not know how much this affects the advice. 

Finnoq Blog - Good cop or bad cop

Good cop or bad cop?

Advisor: Bad guy?

Financial advisors nowadays can only use the available resources in the environment they know. It is the desire of most to guarantee the best option for the customer. However, subjectivity cannot be instantaneously deleted from a mindset, since we are all humans (yes, logical and calculated advisors too). Therefore, the blame should not be shifted on the shoulders of the advisor, but rather the system in which the advisor is placed!


The more opinions, the better

As already mentioned in the beginning, in order to have a feeling of security and trust, we as humans like having more than one opinion. If a high number of opinions would be collected, influencing factors such as commissions for certain products or personal preferences and knowledge cannot impact the overall statement or ultimate decision. However, this solution can be resource-intensive in an advisor’s office. Finnoq is already working on a solution to provide statements for customers based on the opinion of a whole community. Stay tuned!

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