The idea of adopting artificial intelligence (AI) in finance, specifically in the wealth management industry, has been overshadowed with this unsupported notion that AI will ultimately replace advisors entirely. This, however, isn’t true, and those who adopt this fear are the ones who’s businesses will suffer from lack of innovation and growth in the long run.
“You shouldn’t be fearful that technology will replace you, but you should move urgently in knowing that the institutions that do adopt technology will ultimately serve your current and future clients.” – Matt Reiner
In order for us as an industry to move past this fear that AI is going to take our jobs, we first need to understand why we have these underlying fears and hesitations for adopting the technology with open arms:
This last bullet point drives home the reason as to why most advisors are so hesitant to adopt AI. AI represents change, and switching from the comfort of your current habits to something entirely new is scary. But it becomes a little less scary when you know how it will help you and your firm change for the better.
AI is here to enable, not replace.
Imagine what you could do if you had an extra hour or two in your day. Would you spend it on prospecting? Nurturing your current relationships? Or maybe you’d work on better managing portfolio allocations. While this may sound impossible, (because as advisors we’re always gasping for air as we come out of our hefty to-do lists) the fact of the matter is it’s not, and AI is the key to making it your reality.
AI is helping advisors work smarter, not harder.
AI is an automation powerhouse, and automation is something that advisors need in order to work smarter, not harder. AI can automate the more time-consuming tasks that we spend hours upon hours doing every day: scheduling, follow-ups, paperwork, meeting prep, etc., freeing up our time to focus our business efforts on growth, productivity, and efficiency. And the one AI technology that can help you automate all of this and more, is Benjamin.