The idea of robots taking over the world has been one that Hollywood has perpetuated for decades. Thinking back to the 1968 film “2001: A Space Odyssey,” the HAL 900 machine appears to express regret when denying the main character's request to open the pod-bay doors. His iconic “I’m sorry Dave. I’m afraid I can’t do that” statement stuck a chord of fear about AI and machine learning in general that has carried through to today.
However, we have learned so much in the last 56 years about the power of artificial intelligence. Its far-reaching implications go beyond film and entertainment, and shows promise in almost every industry, including wealth management.
This year’s Florida Statewide Wealth Management Guide delves into the use of artificial intelligence in the wealth management and financial sectors. While early in its inception, the guarded optimism demonstrated by those in the field shows there is practical application that needs to be monitored constantly and evolve as the machines keep learning.
Those who have adopted the use of AI agree that it makes many systems and processes more efficient and streamlined. However, most agree that the use of artificial intelligence and machine learning will not replace the personal connection that someone managing the funds of companies, individuals and families should create and maintain, nor should anyone rely solely on machines to map out a financial plan.
In a recent fireside chat, I spoke with Haifa Maamar, executive director of emerging technologies at Full Sail University. We talked about bias that often occurs within the data sets that AI often uses. While the data is ever changing, the machine will only ever take into account the data it has, never evaluating it for its integrity, but simply making decisions based on it.
While AI and machine learning should not replace human capital, it certainly can help to create efficiencies and maximize time and resources.
Our coverage this year takes us across the state to talk with wealth managers and financial planners about their use of AI, their thoughts on it as a tool and potential uses in the future.
Our cover story, Q&As with experts and additional data around the state will dive into the use of AI and machine learning and provide key perspectives and takeaways for us all to consider.
I invite you to dive into the stories below and spend some time learning more. I hope this challenges each of you to pause and consider how AI and machine learning might be affecting your job, your home and beyond:
- Wealth managers' fear of using AI is subsiding
- How this Orlando financial planner handles data and AI
- Kaufman Rossin Wealth's president on how elections, AI affect the industry
- The wealth management industry faces a labor shortage. Can AI fill in the gaps?
- How wealth managers are attracting a younger generation
- Jax wealth manager hopeful, skeptical of AI power
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