Mindset shift needed among advisers to maximise AI potential

ifa

Speaking at the Vanguard adviser roadshow in Sydney on last week, Michael Kollo, chief executive of Evolved.AI, said 39 per cent of advisers are already using AI in their business. An additional 38 per cent are planning to use it in the next year. The main reasons it is being used is for client relationship management, client communication, documentation and compliance reporting. However, a larger portion of advisers are yet to implement it in their practices and Kollo said one area of pushback he comes across when speaking with advisers is around impartial concerns and whether AI demonstrates a bias.

To combat this, Kollo said it is crucial for advisers to rethink how they use AI and to embrace the fact it needs to be trained, contrary to how other historical technology has been used. “The models will get better and more inclusive. Don’t think of it as an entity outside of yourself, think about it as being closer to your self that you engage with and as you do that, you will get better information,” he said. “It’s about having an ongoing narrative with the AI, it isn’t like email where you press ‘send’ and it just happens so we need to change up our thinking around that. It is a behavioural change, you need it to mirror what you are thinking.”

The rest of this article can be found at ifa.com.au.