Finance apps, like all technologies, have limitations, as well as benefits. Take the app Mint, which is widely used for budgeting. This week, Quartz reported that Mint is no longer working with Venmo, widely used for making digital payments and owned by Paypal. Quartz, a digital publication by the publisher of The Atlantic, turned to LNWM Client Advisor Monica Padineant for some advice and context, which basically boils down to not expecting any one app to do it all for you: “Online technologies are great for efficiency, but they don’t replace the human element,” Padineant cautioned. It’s important to pay attention to what is—and isn’t working—to ensure that problems don’t go overlooked.”

After the article was posted, we followed up with Monica on how people should think of fintech. She said: “It really comes down to how you’re using online tools and what you’re trying to accomplish with them. Mint’s grown up beyond being just a budgeting tool. It gives you a very clear picture of where you are at financially and helps you set goals for where you want to be. But it’s limited in how a user executes against a goal. If you’re saving for a house, you still need to finance it. If you have investment accounts, you still need advisors to help manage them. Online technologies are great for efficiency, but they don’t replace the human element. They are a great tool for tracking progress but you still need a comprehensive plan.”