As you may have noticed, artificial intelligence is seemingly everywhere. New standalone AI tools that promise the moon and stars come online daily. And existing technology solutions are routinely injecting more and more AI into their current offerings, whether or not anyone asks for it.
More than a few financial advisors have been watching these developments
Roughly half of wealth management firms are moving forward with AI adoption, while the other half is holding back, according to the
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Most financial advisors use generative artificial intelligence at least occasionally in their practice, but they generally feel more comfortable using it in their personal lives than at work, according to a recent
In fact, according to another recent FACO study by Financial Planning,
Don't worry about being made redundant, though, boosters will insist. These tools are merely enablers
But what about when AI makes things more difficult? When using it takes longer than it would have without it? You may end up prompting an AI chatbot so many times that you reverse engineer the process of thinking with your actual human brain before the robot spits out something remotely usable.
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Clients, too, may not appreciate the value you bring to the advisory relationship if they suspect you rely on AI tools too heavily.
Scroll down the slideshow to read more on five cases in which AI is creating more problems than it solves.
