Don’t be afraid of AI helping to manage your money

Personal Finance


In addition, over half of executives said that they believe human-machine collaboration is important to achieve their strategic priorities. Most advisors are not worried about AI replacing them.

“You’re never going to completely eliminate the human element in financial services,” said Charles Weeks, founder and president of Barrister Wealth Management in Philadelphia. “There is always nuance in everything.”

Advisors don’t think that technology will offer a solution for every problem.

“Don’t become reliant on technology to the point where you’re dependent on it,” said Ashley O’Kurley, a certified financial planner in south Florida. “You still need to have judgement, and judgement only comes from human intuition and experience.”

Advisors say that new technology such as AI has allowed them to spend more time on client relationships and build trust, something a robot cannot do. Instead of spending a lot of energy researching investments, they are able to focus on what is important in their client’s lives.

“That empathy and emotional connection is what allows us to give advice,” said Josh Nelson, founder and CEO of Keystone Financial Services in Loveland, Colorado. He said that he doesn’t think that AI will go away, but that is not a bad thing.

“AI is an enhancement, not a thing to be feared,” Nelson said.

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