Are you on a first-name basis with Alexa or Siri?
Whether you know it or not, artificial intelligence (AI) is a part of your life. While such technological advances were promised to us for decades, until recently they were just that – promises, available in relatively primitive forms to the privileged few. In the last few years, however, the use of AI and its applications has exploded worldwide.
What is artificial intelligence? There’s no single definition, but generally the term refers to mimicry of human reasoning by machines. Today, we have autonomous cars, speech recognition programs, smart shopping, and strategic game systems, among other advances. As computing power and machine learning evolves over the next 5 to 10 years, the advances in these arenas should be exponential.
How is this going to change the average American’s life? It certainly appears that machines, in robot form or otherwise, are going to enhance and take the place of many workers. That applies not just to manual labor and service industry jobs, but also to highly skilled positions such as reading medical X-Rays, conducting legal research, and performing surgery.
These advances are coming to the wealth management industry, too. In fact, they’re already here. With the advent of “robo-advice,” algorithm-driven platforms that can consider sophisticated and complicated questions objectively, wealth management is being democratized, becoming available to a wider swath of the public, often at a lower cost than ever before. Ask a specific question and the program can quickly generate a data-driven answer at any time, mining information from around the globe.
For many people, however, this doesn’t begin to cover what you might need in your financial planning process. As we expect to live longer, fuller lives, the need for quality advice becomes all that much more critical. High-net-worth families with complicated business, personal and financial affairs may find it more beneficial to have an advisor who can establish a close personal relationship and be there with nuanced, holistic advice.
By combining the objectivity of AI technology with the professional resources of a Family Office, complexity can be more easily managed and personalized solutions designed for individual family needs. Additionally, with True Fiduciary® standards at the core, advice can be centered on transparency and the legal obligation to put your interests first. As your family experiences exponential change, this becomes more and more critical.
With artificial intelligence, there is no telling where it will lead – but it will inevitably be used to help live longer, more vibrant lives. Be sure your family is prepared to advance.
At PagnatoKarp, we help high-net-worth families flourish and move forward. Our boutique team of professionals manage complex needs through investments, financial planning, tax, legal, private banking, family governance, concierge and travel. With True Fiduciary® standards of transparency, we embrace the legal obligation to put your interests first while focusing on asset protection, cost, and opportunities.
Please contact PagnatoKarp at 703-468-2700 or firstname.lastname@example.org to schedule a private, confidential meeting at your convenience.
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