June 20, 2023

AI in the FA world

On today's episode of "The Confident Advisor Practice Podcast," a podcast from the Horizon Advisor Network, hosts Bill Bush and Chad Soileau discuss about the growing popularity of artificial intelligence (AI) in 2023 and its potential positive effects on the financial advisory business. The speakers acknowledge that AI has rapidly emerged and is now widely present. They express their intention to explore the known positive impacts of AI in the financial advisory field and encourage thinking outside the box.

Episode Highlights

• 01.07: Bill and Chad discuss the adaptability of AI to the diversity of practices among financial advisors.

• 02.25: Bill mentions that AI platforms may have a lag in terms of accessing up-to-date information. He further adds that AI's ability to automate tasks and provide insights is evolving rapidly.

• 03:48: Chad talks about the potential of AI in automating tasks, citing an example of an AI machine scheduling appointments and conducting phone conversations.

• 05:09: Bill highlights AI's capability to analyze large amounts of data quickly and provide valuable insights.

• 06:17: Chad discusses the limitations of AI in providing personalized advice. He says that personalized advice and human relationships still hold significant value in the financial industry.

• 07:34: Bill explains how AI can provide a head start in educational projects by generating outlines or training programs quickly. He discusses the potential of AI for on-the-fly educational resources.

• 09:00: Chad mentions AI-powered chatbots on websites as an example of connecting with clients.

• 09:49: Chad highlights the efficiency gains AI can bring to the service aspect of businesses.

• 10:02: Bill and Chad discuss the growing role of AI and its potential for transforming various aspects of business and decision-making.

• 14:13: With AI we are always going to find a way to be better at what we do. But again, nothing beats face to face.

3 Key Points

1. Chad shares how integrating AI into different aspects of a business can be relatively easy and customizable based on individual preferences.

2. Chad discusses the potential of AI in streamlining customer service and improving efficiency.

3. Bill and Chad discuss the ongoing evolution and advancements in AI technology.

Tweetable Quotes

• "Personalized advice and human relationships still hold significant value in the financial industry." – Chad

• "Some clients may embrace AI-based service, while others may still prefer human interaction." – Chad

• "Nothing beats personal relationships with clients." - Chad

Resources Mentioned:

The Confident Advisor Practice Podcast

Horizon Advisor Network Website

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