The Power Of Gen Ai In Revolutionising Financial Advice And Compliance: Are Paraplanners At Risk?
Prepare to have your mind expanded as we journey through the dynamic world where artificial intelligence (AI) reshapes the wider financial services and financial advice landscape. Joined by industry visionaries Robert Harradine from Ammonite , Craig Barraclough from Finovation and Joseph Twigg from Aveni .
We dissect how AI is not just revolutionising finance but becoming an indispensable co-pilot for Financial Advisers, enhancing their productivity and ensuring stringent compliance.
Craig's expertise shines as he walks us through the transformative effects on back and middle office functions, while Joseph gives us a glimpse into AI's potential to bridge the advice gap, allaying fears that technology might eclipse human jobs in financial advice such as paraplanning and compliance.
Venture further with us as we tackle the complexities of AI in finance, a realm where data is king and the construction of advanced language models like GPT-4 is akin to building digital empires.
The conversation turns technical yet remains accessible, exploring the critical importance of clean data and the challenges that smaller businesses face in this data-driven world. We confront the phenomenon of 'hallucinations' in AI, the need for domain-specific models in a tightly-regulated industry, and the significance of a robust data strategy that turns potential into power.
As we wrap up this thought-provoking episode, the focus shifts to the profound ethical and practical questions that come with integrating AI into established companies.
From retrofitting cutting-edge AI into legacy systems to grappling with who bears responsibility for AI's outcomes, we navigate the murky waters that modern companies must sail through.
And we don't stop there-our gaze stretches to the horizon, contemplating the ethics of neural implants and AI's role in the future of human communication.
Our gratitude goes out to our guests for their insightful contributions that have made this episode an expedition into the heart of where technology meets empathy and ethics.
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Пікірлер: 8
Eeek! As someone looking study for the diploma and make a career switch to financial services, I am not sure how to feel about this. Will there be jobs available in a few years time? Or will I need to change direction again? 🙃
@joewarhurst5646
4 ай бұрын
I've done all the exams over the last year and waiting for my R06 result which I should get tomorrow. I am not yet working in financial services but I will soon be looking for jobs. The problem is that this fear over AI destroying jobs is a fear that affects many different professions and industries. From what they're saying in the video, it would at least seem that people would still want a human element to financial advice even if the research side to the job (often largely done by paraplanners) could become increasingly automated. Ironically, this could actually help advisers and increase their earnings potential because in the video they say that it might enable financial advisers to be able to take on more clients as less time would need to be spent on admin, which they called 'low value'.
@wildberrygarden
4 ай бұрын
@hurst5646 Congrats on getting so far with your exams! I am only just starting. I think that advisor jobs will be fine and no doubt will be better off with AI. However I am more interested in working as a Paraplanner, and it sounds to me that if most of the Paraplanner tasks are carried out by AI, surely there will be less Paraplanners needed and therefore less roles available.
@joewarhurst5646
4 ай бұрын
@@wildberrygarden I am also potentially considering starting as a paraplanner- I am weighing it up a bit and looking at opportunities for both. I think paraplanners already use a lot of AI but by all accounts they still seem to be in pretty high demand. Even if/when the technology improves, I imagine with the expense and teething problems and also potentially regulation issues, it will probably take a good number of years before it makes any huge impact on paraplanners. I might be wrong. I do remember at a company I used to work at though where accountants were saying the exact same things about their roles, in regards to it becoming more automatic.
@thefinancialplannerlifepodcast
4 ай бұрын
I think there is always going to be a need for quality paraplanners, AI will just free the paraplanner up from the boring, labour intensive tasks!!
@thefinancialplannerlifepodcast
4 ай бұрын
Huge opportunity, AI will only improve the job role of a parplanner and adviser freeing them up to focus on more meaningful client centric work.