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Harnessing the Potential of Gen AI to Transform Financial Advice and Compliance: Should Paraplanners Be Concerned?
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Prepare to have your mind expanded as we journey through the dynamic world where artificial intelligence (AI) reshapes the wider financial services and financial advice landscape. Joined by industry visionaries Robert Harradine from Ammonite , Craig Barraclough from Finovation and Joseph Twigg from Aveni .
We dissect how AI is not just revolutionising finance but becoming an indispensable co-pilot for Financial Advisers, enhancing their productivity and ensuring stringent compliance.
Craig’s expertise shines as he walks us through the transformative effects on back and middle office functions, while Joseph gives us a glimpse into AI’s potential to bridge the advice gap, allaying fears that technology might eclipse human jobs in financial advice such as paraplanning and compliance.
Venture further with us as we tackle the complexities of AI in finance, a realm where data is king and the construction of advanced language models like GPT-4 is akin to building digital empires.
The conversation turns technical yet remains accessible, exploring the critical importance of clean data and the challenges that smaller businesses face in this data-driven world. We confront the phenomenon of ‘hallucinations’ in AI, the need for domain-specific models in a tightly-regulated industry, and the significance of a robust data strategy that turns potential into power.
As we wrap up this thought-provoking episode, the focus shifts to the profound ethical and practical questions that come with integrating AI into established companies.
From retrofitting cutting-edge AI into legacy systems to grappling with who bears responsibility for AI’s outcomes, we navigate the murky waters that modern companies must sail through.
And we don’t stop there—our gaze stretches to the horizon, contemplating the ethics of neural implants and AI’s role in the future of human communication.
Our gratitude goes out to our guests for their insightful contributions that have made this episode an expedition into the heart of where technology meets empathy and ethics.
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