The rise of AI in most aspects of life has brought with it a sense of apprehension among advisers amid concerns that this new technology could put their jobs at risk, despite the evidence indicating that this is unlikely to occur.
According to Melissa Gill, DASH product manager of digital advice, while some industries might be at risk of being taken over by AI, financial advisers have little to worry about in that regard, predicting the technology will act more as an assistant to advisers than a competitor.
“I think with financial planning we have a little bit of time in that AI, so far, hasn’t been great mathematically. So, I do think that in that piece where it’s developing strategies and recommendations, I think we’ve got some time there,” Gill said on a DASH webinar.
“On the administrative side, I do think there’s scope that AI will be able to create efficiencies within businesses to help manage that process, as well as the compliance processes. It can interpret that legislation. It can help your staff really just comprehend what’s happening.”
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