Personal Capital CEO Says Banks Need to Change Attitude

The video discusses JP Morgan's use of consumer data and the concerns it raises. It explores the fiduciary rule, which mandates financial advisors to act in the best interest of their clients, and the industry's attempts to delay it. The video contrasts Personal Capital's approach of combining digital tools with human advisors against robo advisors like Wealthfront. It concludes with a discussion on the future of financial services in the digital age, emphasizing the need for adaptation to low-fee structures.

What is the primary concern of authorities regarding JP Morgan's use of consumer data?

• The accuracy of the data collected

• The potential misuse of personal information

• The speed of data processing

• The cost of data collection

What does the fiduciary rule require from financial advisors?

• To offer the cheapest products available

• To maximize their own profits

• To act in the best interest of their clients

• To provide free financial advice

Why are big banks trying to restrict customer access to their own financial data?

• To comply with new regulations

• To improve customer service

• To enhance data security

• To protect substandard products and high fees

What is a key advantage of combining digital services with human advisors?

• It eliminates the need for human interaction

• It provides personalized advice with digital efficiency

• It offers a one-size-fits-all solution

• It reduces the need for technology

How do robo-advisors like Wealthfront differ from traditional advisory services?

• They require in-person consultations

• They use algorithms for investment decisions

• They rely solely on human advisors

• They focus on high-fee structures