You use something called Google? What about Alexa? Hmm, what about that little Roomba vacuum cleaner cruising around your house right now with little human intervention? All those are examples of artificial intelligence technology (AI) used in our everyday lives. To be specific, in my world of tax strategy consulting for entrepreneurs, you will be using AI if you want to retire successfully (meaning, not having to go back to work because you have run out of money). AI is at the cutting edge of financial services, developing machines that can learn and adapt independently.
You are using technology for everything else so why not use it for your tax and retirement strategy. If your advisor and you are not using artificial intelligence for your tax strategy and finances, you are basically leaving your retirement to change. Potentially much like expecting to retire based upon winning the lottery. Meaning, no preparation but hoping for the best. With AI, you can increase your chance of success based upon advanced predictive modeling with computers that are always learning.
AI is rapidly changing the way companies build products and even offer customer service. Most of the AI used today is for Wall Street professionals, but industry analysts predict it will soon find its way into other industries as well. While automated trading platforms and robo-advisers use standard investment models rather than AI, it is the type of AI that seems most likely to help you in your retirement planning and investment decisions, not just in the financial sector, but in other areas as well.
Unfortunately, companies have been slow to collect, analyze, and design strategies. I happen to work for VastSolutionsGroup.com that is at the leading edge of consulting with entrepreneurs in helping them with advanced tax strategies and retirement planning. For the micro-entrepreneurial market this is rare.
The rapid development of artificial intelligence (AI) will fundamentally change the world and transform human society and life. The results of brain science research inspire people — such as intelligence waiting for action, and trends in chips and hardware platforms are emerging. Big data — driven cognitive learning, the ability to strengthen intelligence and integrate it into swarms, is becoming the development focus of AI.
It has already been proven that machines can be programmed to think and act almost like humans, to act and learn continuously, and to use this knowledge to solve increasingly complex problems. Technology is well on its way to becoming mainstream, but financial advisers, who are already affected by changes in the industry, risk being left behind by the absence of new innovations. Similarly, so do their clients. Ones that are depending upon old school advisors who are going to be left alone while others pass them by. Hopefully, you are not a client of an advisor who is using little to no technology to help you with your tax strategy and financial affairs.
To be clear, no matter where technology takes us, there is no substitute for personal interaction when it comes to planning for retirement, especially in financial planning and retirement planning. There are some who believe it is important to work face-to-face with a tax and financial adviser you know and trust. That said, there are others who want to solely utilize the advanced technology and are off and running.
Either way, artificial intelligence will be the calling card for anyone who wants to increase their chances for succeeding in retirement. Those employing AI technology will be glad they did. Just like they are probably glad they used AI for their searches on Google, their voice commands with Alexa, and are glad their vacuum cleaner is scooping up dirt right now.
Author: R. Kenner French has written two books with another on the way. He speaks all over the country and lives on an island — Bainbridge Island, WA.