To say that technology is advancing rapidly is an understatement, a huge understatement. Look at the supercomputer in your pocket; it used to be a telephone. Now it can enable you to order pizza, from your car, in the middle of a cornfield, without ever talking to a person. What?!
There’s no benefit in complaining about advances in technology because it won’t make a difference – complaining will just make you and me less happy. What I am interested in is the intersection of technology and people, namely how you and I interact with technology in order to help us live a better, more fulfilling life. In considering this, both in the financial planning realm, and in life away from the conference table, I’ve noticed a few interesting shifts occurring. There seems to be a desire in many of us to embrace the analog more and more, as we become more involved in a given activity.
A few weekends ago, I had the opportunity to participate in a driver’s education event at a racetrack in Michigan. Over the course of two days, we pushed our cars and ourselves to higher limits of performance while receiving real-time guidance from a seasoned race driver. To put it bluntly, it was incredible. Discovering what modern cars are capable of on a racetrack is something everybody with a little gas in their veins should strongly consider.
I was placed into a run group with other drivers of similar experience. Each drove the car they brought with them, after having a very thorough technical and safety inspection completed beforehand. Here’s what I found very humbling: I brought an older, more primitive car than the other guys in my group. In fact, there were cars in my group that cost well over a hundred thousand dollars and have all of the most innovative computer controls and driver’s aids. Mine did not. When the other drivers got out of line by braking too late, or missing an apex on a tight turn, the computers in their cars bailed them out, correcting their errors. In my case, my old car simply laughed at me while I struggled to correct my oversteer, having to bail myself out of spins, and generally looking a mess at times.
But I had a blast.
You see, my instructor continually reminded me that those other guys are being driven around the track by their cars, while I’m actually learning to drive. Admittedly, I needed this reminder several times as I fought to keep pace with a beautiful red Porsche 911 GT3, a $165,000 street legal race car. I paid for my car what he has invested in just the wheels and tires on his! The amazing this was, you’d have been hard-pressed to remove the smile from my face the entire time.
The very analog, non-digital, low-tech nature of my car made the experience that much richer, because it was more about the human experience than it was the car’s technology.
For other examples, look into the world of audiophiles. They are spending outrageous amounts of money on turntables (record players) and vinyl records, while most people are quickly downloading their music onto their iPhone using MP3 technology. Many people are now journaling their thoughts in beautiful Moleskine paper journals, while their MacBook Pro laptop sits just inches away. Many runners are setting aside their high-tech shoes and choosing minimalist shoes or bare feet instead.
I suppose for each popular trend, there is often a counter trend for those wish for a different experience. When the world becomes more digital, more high-tech, there will always be those who are drawn to analog, low-tech options instead.
Within the context of retirement planning, there is no shortage of advances in technology. While I won’t bore you with the details, know that there is no limit to the investment we can make to serve you at a higher-tech level. We’ll certainly investigate those options, and integrate them when it makes sense to, but rest assured that we’re very aware that there is no substitute for the ‘you’ and the ‘us’ in this relationship. In fact, the technology has the power to free us up from many of the rote, administrative tasks that may be keeping us from considering you and your planning needs in the retirement planning process. Technology doesn’t yet do that work, we do.
In the end, feel free to complain about technology and how things used to be so much better. You’re entitled, and I do it too. What we’re interested in is how to best serve you in your pursuit of your desires. If it’s analog that gets the smile on your face, let’s choose analog. If high-tech makes more room for you and us to engage, let’s do that too. Let’s just agree to keep each other focused on what’s most important; helping you achieve enough, living fully, and helping others do the same.
All the best,
Adam Cufr, RICP®
