How Will AI Change Financial Planning?

The world can't stop talking about AI. But what does it mean for how you do your financial planning?

Transcript:

What will AI do to financial planning? I'm actually super excited about this idea and ultimately the application as well as what it means for real people in the real world. And that is, while we're still in the second or maybe the third inning of the application here, - meaning how sophisticated the tools are today - this has so much opportunity to create access for people to real customized financial planning information. So when I say second or third inning, what I really mean is that often I put in questions and I get wrong answers back all the time. Name the tool, it comes back with incorrect information, for example on how things are taxed, which is obviously a big deal. You can't use it yet. But, what this means is there's going to be a whole segment of society that doesn't have access to financial planning that will get it in a semi-customized fashion thanks to these tools. I am very optimistic about what that actually means for access as well as for use in practices like mine where I can then spend more time directly with real clients giving real advice that is very personal and intimate for them. That's how I view AI playing out, at least in the next two to three years, but certainly over the next five to 10.