Call me lazy or call me efficient but anything that makes my life easier, I am all for.
It pains me that my partner still makes me wash the dishes in the sink rather than use the dishwasher I have waited so long to own purely because “it is only the two of us”.
I am envious of homes who have a dryer as well as a washing machine, and I have my eye on a rotating brush cleaning device to help clean the shower.
Basically, any way I can possibly save time I welcome wholeheartedly.
So why is it that advisers do not see technology and artificial intelligence in the same way?
In fact, there is a large group of advisers out there who are extremely against the use of AI in the industry.
Some are annoyed by people’s over-reliance on technology and that it can solve all of life’s problems.
Others are concerned about technology going wrong or not understanding enough about AI to effectively integrate it into their business.
But the main gripe with AI in advice is that it will never do what a human can do.
We have had comments calling AI “a load of nonsense” and saying that clients will always crave human interaction and the personal touch.
I don’t disagree. But I do disagree with calling it “nonsense”, and by doing this there is a real risk of being left behind.
I cannot see anything wrong with using technology and AI to enhance what advisers can offer clients.
I personally use AI in my job. Now there is AI out there like ChatGPT that can write an article. But can it write an article like a human can, when we source our own information and our own interviews?
The answer is no. It can only write based on information that is already out there.
But I do use AI to record and transcribe interviews, which saves an unbelievable amount of time and means I have more time to write more articles or do other things – like write this opinion piece.
Advisers can do the same.
There is AI out there that helps take on the laborious, data-driven tasks, leaving advisers with more time to spend time with their clients and focus on the human interaction element.
AI can produce reports in seconds, algorithms can identify potential financial risks and it may even be able to recommend a specific portfolio to match client goals.
But advisers will need to hone and improve their skills so they can understand client experiences, their motivations and goals in ways that technology cannot do.
There is also the case of having a human touch, especially when it comes to vulnerable clients.
