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| Artificial Intelligence (John Cale album) (Photo credit: Wikipedia) |
Exponential Finance: Financial Advice In the Age of AI and Long Life
most financial advisors as we’ve known them won’t be around much longer. ...... in the next ten years, half of all the financial advisors in this country will be gone ...... Not unlike other industries, like medical diagnostics, for example, artificial intelligence may soon perform many of the technical skills of financial advice better than their human counterparts. ...... AI won’t soon replace the uniquely human relationships clients seek from the best advisors. ...... “We are therapists, counselors, marriage consultants, and psychologists as much as we are financial planners” ...... Charles Schwab disrupted the industry back in 80s, putting many traditional stock brokers out of business. But they reinvented themselves as wealth planners. ..... “You don't see financial planners and financial advisors using a slide rule or a calculator and a number two pencil and a yellow pad.” ..... one of the greatest challenges they face is convincing their clients that instead of planning to live to 95—which is as far as financial planning software goes at the moment—they should plan to live longer. Perhaps much longer. ...... the first person to reach age 150 has already been born ...... Chances are, if you make it another 30 years, you'll make it another 100 ...... Instead of the traditional linear progression—birth, school, job, retirement, death—our lives will become more cyclical. That is, we’ll go to school, get our first job, work for awhile, take a five- or ten-year break, and then go back to school to reinvent ourselves and start our next career cycle. Rinse and repeat. ...... Discrete college degrees, he thinks, will be replaced with lifelong learning.
A lot of that recycling needs to happen already even before people have started living longer.
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