Why AI Poses a Mortal Threat to Financial Advisors
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.
Is there a subject that is more at the forefront of peoples’ minds than artificial intelligence (AI)? Depending upon one’s perspective, the thought of AI may cause feelings of hope and optimism or fear and dread. Despite our varied perspectives, many of us have begun using AI. For instance, Chat GPT is attracting 100 million users a month. Will AI’s every-growing intelligence supersede its creators?
It seems certain it will if it hasn’t already.
When I tried to read the entire internet in 10 minutes, I stumbled. One wonders if one day AI will decide that we humans are no longer vital.
Earlier this year, OpenAI revealed that ChatGPT-4 is a good test taker; it passed the Uniform Bar Exam, LSAT, and USA Biology Olympiad with “flying colors.” Moreover, Chat-GPT scored 155 on an IQ test. The average American’s IQ is 98.
In an article published in January by Psychology Today, Dr. Marylynn Wei asked, “Are AI chatbots the therapists of the future?” Considering the intimacy that must exist between therapist and patient, I found Wei’s question to be most interesting. As you may expect, the answer is “yes,” AI “psychologists” will provide therapy to their patients.
If AI can be a therapist, can it be a functioning financial advisor?
In my view, the answer is an unqualified “yes.” I believe this for three reasons: economics, psychology and novelty.