Is Technology Opening More Doors to Financial Advice?
Fintech has made gains in the personal finance space, but there's room to grow.
As we mark the 10th anniversary of Morningstar magazine and take stock of where we are as investors, I wanted to look at how the nature of personal finance has changed. Just 10 years ago, HelloWallet had not yet been founded, Steve Jobs was still readying the first-generation iPhone, and banking tasks that we do online today often required a trip to the local branch.
Given how rapidly technology has evolved over the past decade, has the nature of receiving financial advice changed alongside it? Has financial technology started to fulfill its promise of democratizing access to sound financial advice? I rely on the Federal Reserve's most recent Survey of Consumer Finances, as well the edition preceding it by nine years, to explore these issues.