Your Next Financial Adviser Will Be on an App
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.
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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