Jason Talks About the Need to Balance Introducing AI With the Benefits of Human Intelligence - with Moira O'Neill for The Financial Times
The original article was published in The Financial Times on 28th June 2024, but is only available to The Financial Times subscribers. As part of our mission to empower as many people as possible to make better financial decisions, we have published below all the information Jason shared with them, so you get the maximum benefit from it (not just from what was published).
HUMAN INTELLIGENCE OVER ARTIFICAL INTELLIGENCE
At the risk of sounding like a bit of a Luddite, I take the view that our clients pay us for human intelligence rather than artificial intelligence.
Naturally, technology plays an important part in our advice process and the solutions that we recommend to clients, but it doesn’t dominate. Technology is just a tool to help us give clients a better service, just as computers and telephones have done in the preceding decades.
For example, online meetings save time over face-to-face meetings, investment platforms are more efficient and cut down on paperwork and modern investment solutions can give fantastic diversification and automatic rebalancing for a very low fee. All of this can be used to cut costs for clients, which is a great outcome.
JUDGEMENT AND EXPERIENCE
But when we’re speaking with clients and helping them with their financial and investment planning strategy, they have specifically chosen to work with a human adviser, not an algorithm. It’s our judgement and experience that they value and are paying for.
There are, however, areas of our work where AI and other related technology can help human advisers be more efficient and thus reduce the cost of advice for investors. An example of this is the use of voice recognition software as a way of improving the efficiency of note taking and some letter writing. Ultimately, saving time on repetitive tasks like these is where we see the most tangible benefit of AI in the near term.
GET IN TOUCH
If you would like to discuss anything raised in this article, or any other help you need to plan your own financial future, please call us for a free consultation on 020 3488 9505.
The value of your investments can go down as well as up, so you could get back less
than you invested.
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