AI — These two little letters had a huge impact on the way we do business.
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From research to data analysis, customer service to content development, entrepreneurs around the world are exploring the power of artificial intelligence to transform industries. Wealth management professionals are no exception. As stewards of their clients' journeys to maximize and grow their wealth, these professionals recognize all efforts to help clients reach their goals faster, from finding the safest investments to implementing estate planning. is needed.
Daniel Gorlovetsky, founder and CEO of TLVTech, has been using AI as an integral part of his products to help clients create wealth since before resources like GPT dominated the headlines. Gorlovetsky and his team are always interested in the potential to make technology even faster and more advanced, and by leveraging AI's ability to integrate information from multiple sources, they can help their clients build wealth. I wanted to know how it could help.
“We recognized early on that the advent of AI would revolutionize financial advice and encourage the use of advanced algorithms and machine learning techniques,” he said.
Using AI, we can now leverage information across social media, news, and other digital resources to determine where others are investing effectively. With the rise of Chat GPT, the very research-based aspects of wealth management can now be made even faster.
ChatGPT helps investors make decisions by quickly summarizing complex documents such as agreements, contracts, and financial statements. When traditional investors evaluate public stocks, they are often asked to review comprehensive documentation, such as financial performance and quarterly updates.
“Many people can't digest all the information, sometimes 400 pages, to decide whether to invest or not,” Gorlovetsky says.
With ChatGPT consolidating a wide range of information into more understandable terminology, investors and advisors alike feel better equipped to navigate the market. In addition to providing clients with clearer insights, Gorlovetsky said his team is able to “leverage AI to identify unique market opportunities, create customized investment strategies, and rely solely on human analysis.” “We are optimizing portfolios with precision that cannot be achieved elsewhere.” He's not the only expert in relying on AI to boost his team's analytical capabilities.
According to Denis Silshkov, head of growth at Awning.com, a platform dedicated to real estate investors, AI has become essential in analyzing huge data sets and identifying trends and investment opportunities. The company uses AI algorithms to evaluate the real estate market and predict areas that are likely to yield high returns. AI not only helps the Awning.com team understand the current real estate investment landscape, but also provides a deeper understanding of future risks in the market.
“AI also plays an important role in risk management. By simulating different market scenarios, AI can help predict potential risks and devise strategies to mitigate them,” Shirshkov said. says. “This proactive approach ensures our clients' portfolios are robust and resilient, even in volatile markets.”
AI has become a valuable resource in gathering insights and creating predictions for customers, but for some financial professionals, it is also increasing the speed and productivity of customer service. Elizabeth Miller, a financial professional with interests in financial planning, retirement planning, and investing, and founder of Bike Adventurous, initially sought to extract valuable information from large datasets to support decision-making. I was keen to explore the ability to extract . Miller is motivated by the potential for AI to improve predictive analytics and streamline more repetitive tasks, including expense and revenue tracking, chatbots, fraud detection, credit scoring and underwriting, and compliance monitoring, among others. By automating and optimizing time-consuming processes, she wants to spend more face time and energy with her clients.
However, like most new technologies, AI has certain concerns among the general public. Miller admits that some of his clients were nervous about receiving financial insights based on AI.
“As with any innovative technology, questions arose about reliability, bias, and interpretability,” she said. “Ensuring our AI models are accurate, fair, and transparent became a priority. By working with experts and conducting rigorous testing, we were able to address these concerns. .”
To give herself and her clients peace of mind, she uses a combination of validating data sources, testing AI models and monitoring their performance, auditing results collected from AI, and working with experts to ensure the accuracy of results. fact-checking. She reaches out to her data scientists, engineers, and auditors alike to ensure that the results obtained from AI are of high quality and reliable.
Similarly, Gorlovetsky and his team have developed a robust validation process that compares AI-generated insights to market results and other economic indicators, all in the name of accuracy. Ta. Although the Awning.com team trains his AI model on top-of-the-line datasets and regularly updates the model, Silshkov explains that the human touch is also key to the company's validation process.
“Our team of financial experts regularly reviews AI-generated insights, adding a layer of human judgment and expertise. “We will be able to ensure that we provide practical advice based on real-world financial knowledge, rather than financial knowledge.” I remember when I evaluated an AI-driven suggestion to invest in an unpopular real estate market. As a result, AI-based recommendations were confirmed and were only able to guide customers towards advanced investments. A profitable investment.
Learn: 10 ways to double your income with ChatGPT
Experts are finding that customers are excited about the speed, creativity, and accuracy of results produced by AI, and are quickly overcoming any concerns about using artificial intelligence or machine learning in asset management. Masu. As technology innovators and entrepreneurs alike look for ways to add even more versatility and utility to AI technology, wealth management professionals are anticipating a bold new fast lane to smarter investing. I'm seeing it open up.
This article originally appeared on GOBankingRates.com: I'm a financial expert: How to use AI to grow your customers' wealth