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As if human FAs weren't enough
Old 12-16-2016, 09:36 PM   #1
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As if human FAs weren't enough

Automated Assistants Will Soon Make a Bid for Your Finances

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Credit Karma and Mint, two popular financial applications with many millions more users than Digit, are about to roll out suites of new features that will make them feel more like robotic financial advisors, tapping customers on the shoulder when they could make better financial decisions.
These companies are planning to make their money by pointing their customers to outside financial services. Between that and being able to scrape your information, what could possibly go wrong?

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Ken Lin, the founder and chief executive of the site, said that once Credit Karma had access to a customerís tax filings it would have a much more detailed picture of that personís finances and could turn that into new layers of financial advice ó by identifying, for instance, ways to invest money with more tax efficiency.
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Old 12-16-2016, 09:49 PM   #2
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The last thing we need are the sales people at Credit Karma telling people how to invest. Their credit card recommendations are biased and not exactly the best for the customer. They have no clue what cards the user already has, even with access to the credit report.

I have Personal Capital nagging me daily to invest my "excess" cash. What part of RMD's don't they understand?

Thanks, but I will pass on all the proposed "advice."
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Old 12-16-2016, 09:58 PM   #3
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Of course part of the problem for Credit Karma is that more and more credit card web sites provide FICO scores as part of their service. (i have at least 4 cards that do so). So the come on of free credit scores is going to work less and less well over time.

Of course again free advice is worth what you pay for it only.
Just like on the Fiduciary duty idea assume the advisor is only out to make money for himself. (Paranoia in financial matters is a very good idea)
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Old 12-16-2016, 09:58 PM   #4
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Beware of roboadvisors. Beware of robots in general.

Robotic machine kills woman at auto parts plant, two weeks before wedding | CTV News
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Old 12-17-2016, 10:13 AM   #5
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I closed my Personal Capital account because they hounded me once too often about managing my money. Nothing is truly free.
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Old 12-17-2016, 12:12 PM   #6
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As a former network security pro and amateur privacy and conspiracy nut, I find all this truly frightening. It will be bad enough that these companies will be gaining so much additional information about people, but since their recommendations will be based on the biggest kickback it's going to be a disaster for the poor people who follow the recommendations. Luckily
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the companies are all adamant that they will succeed only if they are known for doing what is best for the customer.
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Old 12-17-2016, 03:14 PM   #7
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Originally Posted by Meadbh View Post
Oh my.

The things that childhood nightmares are made from. Actually adult ones!

I spent 10 years in the timber and various sawmills. While there were no robots, some of the machines could allow people to do really stupid things. I still remember the look an operator of a large loader gave me. He thought he was going to crush me with the machine and I thought so too!
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Old 12-17-2016, 03:33 PM   #8
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I spent 10 years in the timber and various sawmills.
I've read that logging is the most dangerous occupation to work in. Looking at some youtube videos of stuff in that field I can see why.

https://toughnickel.com/industries/Most_Dangerous_Jobs
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Old 12-17-2016, 04:08 PM   #9
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I've read that logging is the most dangerous occupation to work in. Looking at some youtube videos of stuff in that field I can see why.

https://toughnickel.com/industries/Most_Dangerous_Jobs
I'm very fortunate to have gotten out alive. Many of the people I knew are dead, many on the job.

It's funny how life works sometimes I thought I'd work like that all my life. Age 27 they p|ssed me off so much I went back to school. One of the best decisions of my life.
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