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Commentary By Allison Schrager

Your Next Financial Adviser Will Be on an App

Culture, Economics Finance, Culture & Society

Private bankers and retirement planners will increasingly use AI to invest and even communicate, but the human element will always be crucial.

I see a personal trainer five days a week, and I am now in the best shape of my life. I could not have afforded Doug when I was younger — and I wouldn’t be able to now, either, but for technology. Doug lives on the West Coast and trains me (and dozens of others) through an app. He programs exercises I like, accounting for any injuries, monitors how hard I work, corrects my form and sends me motivational messages. With AI, he now has the potential to make even more custom workouts for even more clients.

I suppose AI could replace him entirely, but the fact that Doug is a real person is important. I know he is watching, and I believe he is invested. I feel like I’ll let him down if I don’t show up every day. I would not care so much if he were a bot.

Continue reading the entire piece here at Bloomberg Opinion (paywall)

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Allison Schrager is a senior fellow at the Manhattan Institute and a contributing editor of City Journal.

Photo by Andriy Onufriyenko/Getty Images