Since its initial introduction into the financial sphere, the term “AI” has gained both a positive and negative rep from both financial advisors and RIAs. For the negative, those two scary letters have prevented hundreds of advisory businesses from making the technological leap to remain competitive. What many advisors in the financial space don’t understand is that there are two vastly different ideas of “AI” – augmented intelligence vs artificial intelligence.
AUGMENTED INTELLIGENCE VS ARTIFICIAL INTELLIGENCE
The human aspect of a business in the financial advisory space is arguably the most important component of business operations. What turns so many advisors away from implementing new technologies into their practices is the fear that it will oust human interaction entirely.
Artificial Intelligence: a replacement to human intelligence
Augmented Intelligence: a complement to human intelligence
Augmented intelligence, at its core, is not technically different than what is presented as artificial intelligence. But unlike its counterpart, augmented intelligence merges the technology and human components, rather than pushing the humans out of the process entirely as artificial intelligence can do.
It’s you and the machine. Not you over the machine.
HOW DOES INTELLIGENCE ADD TO WHAT YOU SHOULD BE DOING IN BUSINESS?
We hear from firms all the time that they won’t use new technology because it will eventually force them out of their own business. The reality is that you have a choice, as a human, to follow the instructions that the machine gives you. The machine can’t make any decisions without the okay from you first, but what it can do is give you viable, trustworthy information to help you do your job better – you have to allow it to.
You have the choice; technology doesn’t make it for you.
In your advisory business, you should be thinking of your clients above all else. How are you serving them? What can you be doing better? Are you allocating appropriate time to each one? It can be hard as an advisor to make time to focus on each client while drowning with other recurring responsibilities. Benjamin is an AI tool that advisors can trust to bring the human and machine together to work in harmony. With Benjamin, you’ll be able to enhance your client relationships, manage your time more efficiently, and increase your bandwidth to bring on more clients. Reach out to us here for a free demo to see what Benjamin can do to help you.