Artificial intelligence is the next big thing. The impact for financial advice and advisers is positive, profound and, I have to say, imminent. When global information technology research firm Gartner issued its strategic technology predictions for 2017 last October, artificial intelligence and advanced machine learning themes led the top 10.
It draws an interesting parallel: the potential standoff between the White House and Silicon Valley and other traditional car manufacturers, reflects what is currently shaping up between Australia’s corporate cop and a swag of digital advice providers operating everything from online calculators to complex cloud-based financial algorithms.
Linking the terms ‘robo’ and ‘advice’ together is to me the same as saying Pokémon Go qualifies as an Olympic sport. The elasticity of definitions is the central point of this blog, and the reason why I believe the hype around so-called ‘robo advice’ has gone unchecked and needs a referral to the fact department.