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Will Artificial Intelligence replace your financial planner?
By Steven Smith | Meanderings
Artificial Intelligence applications — and especially chatbots, which can seemingly research and write like us humans, are becoming increasingly prevalent. Chatbots are by no means perfect in the output they produce. And they are somewhat controversial, particularly in academia, as students begin to use them to assist with their homework.
Artificial intelligence (AI) is already being used in the financial planning industry to automate certain tasks and provide more personalized advice to clients. However, it is unlikely that AI will fully replace human financial planners in the near future. While AI can analyze vast amounts of data and provide recommendations based on algorithms, it lacks the ability to understand a client’s personal goals, values, and life circumstances. Financial planning is often as much an art as it is a science, and human financial planners bring a unique combination of technical expertise, interpersonal skills, and emotional intelligence to the table.
Moreover, many clients value the opportunity to build a relationship with a trusted advisor and feel that this relationship is an important part of the financial planning process. AI may be able to handle the more routine tasks involved in financial planning, but it is unlikely to completely replace the human element in the industry.
In conclusion, while AI is likely to play an increasing role in financial planning, it is unlikely to fully replace human financial planners in the near future.
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Steve Smith, Principal Right Path Investments
Steve Smith, Principal of Right Path Investments is here to guide you with preparations to take your next step. If you're ready to take that step, schedule some time for a one on one with Steve today.