Counter-intuitive? Most of our day-to-day, online experience of AI is of those ‘chatbots’, which spring up when you’re trying to query a bill and ask how they can help you. You then have to beat them into submission to allow you to speak to a real person, usually in an exotic location. The idea here is to enable we advisers to deal with ‘smaller clients’, now deemed those with less than £100,000 invested, who might otherwise, with the cost of regulation blah blah, be ‘uneconomic’. Well, maybe; but a robot is a robot. Yes, they’ll get more sophisticated, but so will our ability to sniff them out. And many, if not most, will be happy to pay the extra mile to deal with a living-breathing version. I’d say. And hope.
“Majority of IFAs have no plans to use AI in their practices”
I remember sometime in the 90’s, attending a presentation by a successful adviser providing helpful hints to an audience of wannabes, young and old.
