David Chubak’s Post

Always learning and growing to give you the best version of ourselves

Imagine this: Two firms, each tackling benchmarks in different ways. The first firm sticks to the old methods. They spend $1000 for benchmark data and invest 20 hours at $125/hour to review, draft the report, and so on. Their total cost per benchmark hits $3500. They charge clients $4500 per benchmark, netting a slim profit of $1000. With just 20 hours per benchmark, they can't provide detailed documentation or robust audit trails—just basic accept/reject notes and brief explanations. Sales costs and complex cases add further strain. Now, let's look at the second firm. They leverage AI Benchmarks and cut their time to 5 hours per benchmark. Their total cost drops to $1625, and clients are willing to pay $5000 for higher quality decision-making and comprehensive documentation. Which approach would you choose?

Financial advisers should not expect AI to solve all their problems, St. James’s Place head of AI and machine learning has warned. Wenyu Bai, FIA, was speaking at Financial Technology Research Centre (FTRC) Artificial Intelligence in Financial Services conference in London today. During the session, Bai and Paul M. - CIO and CTO of Independent Wealth Planners UK - discussed how AI can be used during the client onboarding process. Both agreed that one of the main benefits was the ability to use software to automatically record and transcribe client meetings in a matter of minutes. Full story for Money Marketing below: #AI #artificialintelligence #tech #technology #financialadvice #finance #financialadviser #wealthmanagement #machinelearning #client #onboarding

🌟 Exciting News, Academy Family! 🌟 We're thrilled to share our latest blog article with you! 📚✨ Dive into the world of artificial intelligence and discover how it's transforming the financial services industry in 2024. 🚀💼 From automating paraplanner roles to revolutionizing client relationships, the future of financial planning is here, and it's more accessible, efficient, and client-focused than ever before. 🤖💡 But, as we navigate these changes, remember, the heart of our advice remains human. 💖 Check out the full article here: https://www.rfr.bz/lm8b1kz 🌐 We're eager to hear your thoughts! How do you see AI shaping your financial planning journey? Let's chat in the comments below! 👇💬 And remember, while AI opens new doors, always seek advice from regulated professionals for your unique financial needs. 🔍📊 #AcademyLifePlanning #FinancialFuture #AIRevolution

🌟 Exciting News, Academy Family! 🌟 We're thrilled to share our latest blog article with you! 📚✨ Dive into the world of artificial intelligence and discover how it's transforming the financial services industry in 2024. 🚀💼 From automating paraplanner roles to revolutionizing client relationships, the future of financial planning is here, and it's more accessible, efficient, and client-focused than ever before. 🤖💡 But, as we navigate these changes, remember, the heart of our advice remains human. 💖 Check out the full article here: https://www.rfr.bz/lm8b1kz 🌐 We're eager to hear your thoughts! How do you see AI shaping your financial planning journey? Let's chat in the comments below! 👇💬 And remember, while AI opens new doors, always seek advice from regulated professionals for your unique financial needs. 🔍📊 #AcademyLifePlanning #FinancialFuture #AIRevolution

🌟 Exciting News, Academy Family! 🌟 We're thrilled to share our latest blog article with you! 📚✨ Dive into the world of artificial intelligence and discover how it's transforming the financial services industry in 2024. 🚀💼 From automating paraplanner roles to revolutionizing client relationships, the future of financial planning is here, and it's more accessible, efficient, and client-focused than ever before. 🤖💡 But, as we navigate these changes, remember, the heart of our advice remains human. 💖 Check out the full article here: https://www.rfr.bz/lm8b1kz 🌐 We're eager to hear your thoughts! How do you see AI shaping your financial planning journey? Let's chat in the comments below! 👇💬 And remember, while AI opens new doors, always seek advice from regulated professionals for your unique financial needs. 🔍📊 #AcademyLifePlanning #FinancialFuture #AIRevolution

A few tips/inspiration of how AI could help you grow your client base 👀

Excited as we all are about the many high potential use cases for #generativeai within our organizations, excellent point in this article on the need to make sure legacy #data and technologies are unimpeachable before adding AI applications on top of existing systems.

Looking to find the right balance between the benefits and risks of AI for your financial services firm? In this article, I propose five tenets to help find that balance. https://lnkd.in/drJWBXNw

Is the financial sector ready for #AI? This recent study from EY suggests that leaders in the industry have an optimistic — but pragmatic — outlook. According to the 2023 Financial Services #GenAI Survey, 99% of financial services leaders surveyed reported that their organizations were already deploying AI in some manner, and are already planning to use GenAI specifically in their workload. However, this same research also shows that thought-leaders in the industry maintain an insightful and frankly realistic approach to how GenAI will look in their industry in the next few years. Just over one in five respondents reported that they did not feel confident in their organization’s ability to take advantage of the potential benefits of GenAI. Some of those top barriers include a lack of proper data and tech infrastructure, unclear governance, and a lack of AI-specific skilled resources.  If financial institutions can overcome these barriers, the benefits of GenAI speak for themselves, and can include risk reduction in data processing, hyper-personalized marketing, and improving the data management process's accuracy. The EY study shows the same aspirations (and concerns) across the industry, from insurance to banking and capital markets, to wealth and asset management. Overall, this survey is a great foundational overview of how financial services institutions will grapple with GenAI in the next few years. The good news is that there is a lot to look forward to, and there’s only more to come! To learn more, check out this article by Michael Hicks: https://lnkd.in/eQ42UKNp