The AI invasion has begun, and we are not ready

investmentnews.com:

For decades, humans have fantasized about the day machines take over and give mankind their comeuppance (just behind those pesky Martians). Sentient technology has not yet arrived to conquer us, but Moore’s Law is in full effect, and machinery has surpassed humankind in its ability to process information and data. Now, thanks to machine learning, computers can evaluate alternative scenarios beyond our capabilities. What does it mean for wealth management, and how should we mortals use what’s coming to help us improve the world, rather than concede defeat to it?

We all know the doomsday scenario for our industry: computers replace humans by delivering superior planning and investment advice at a fraction of the cost. We all remember the robo-advisor fears that gripped wealth management 10 years ago. And just as then, the realities around the proliferation of AI will be much more nuanced.

Don’t expect a binary outcome. Life is seldom purely good or bad but gradations between the two. However, there’s no question that AI will accelerate many of the changes that are inevitable in the evolution of our industry and be a catalyst for those that win or lose in the future. Most of the short-term innovations will likely revolve around machine learning’s ability to provide superior, more immediate analysis and scenario evaluations, far more quickly than humans are able to create today. Keeping that in mind, here are the three most likely near-term applications of AI for our clients and for our firms:

What to do: Regularly search data about you and your firm, ensuring you know what clients see about you. Do the same for your competitors. Ensure you have a compelling brand message. Understand where your services are behind the market