Sushi And Why AI Won't Replace Financial Advisors

I’ve really started to embrace AI for researching things. In fact, one of the startup tabs in my browser is Perplexity.ai which I use exclusively for asking questions and research.? It’s great because it responds with answers and buttons for the references used to answer the question. Unlike Google, there are no ads, sponsor links, and meaningless clutter.?

I ask a question, and I get an answer. That’s it.

I’ve been using it for everything, it’s now my go-to search platform. For example, I just used it today while planning a trip to Vegas to see the Eagles in The Sphere. I asked, "There are no reservations for Zuma restaurant on Sat night between 6 and 8pm, find me some other options that are just as highly rated and within walking distance of Zuma that I should consider and tell me why."

Pretty cool.

But it requires my inquisitiveness to use.? I have to think of something first and then based on the answer I need to think of follow-up, refining questions, or even completely new questions.

And that got me thinking about a question I hear a lot – will it replace the need for people to have a financial advisor?

I doubt it, and that’s not an answer based on hope or self-preservation. It’s based on the fact that great advisors develop the traits of inquisitiveness based on their experiences and naturally develop follow-up questions.

As stated, if I ask Perplexity.ai a question, it gives me an answer.? But it doesn’t follow-up with anything like, “Tell me more about that?” or “You said something earlier that makes me wonder about XYZ…” or “You didn’t say this, but I’m wondering if what you are really trying to figure out is…” or “You know, I saw something like this last year and one of the things that’s worth more heavily exploring is ABC.” ?

It just assumes it fully answered your question.

Great advisors and their advisory firms won’t be replaced by AI because people seeking advice don’t seek a mere answer to a question. In fact, advisors who blurt out answers to show how smart they are rather than deeply understanding an issue and applying expertise have been dead or dying for years.

People are seeking advice on their wealth from people with experience AND who provide clever understanding, ingenuity, skill, empathy, and intelligence.?

He's why I know...because Perplexity.ai didn't answer my restaurant question with, "Are you sure you even want sushi?"

AI can do a lot of things, and smart advisory practices are already embracing the efficiencies it provides, but that’s all a supporting effort to the deep understanding that only a skilled experienced advisor can deliver.