Written by Tyson Ray, FORM Wealth Advisors | CFP®, CExP®, CIMA®
I want to talk to you about AI — not the AI you read and hear about every day in the news, artificial intelligence, but advisor intelligence. No amount of technology will ever replace the value you can derive from the experience, knowledge, education, compassion and human intuition that your fiduciary advisory team provides.
Artificial intelligence has crept into just about every aspect of our lives, and its potential impact on the future is significant. A 2024 study by the International Monetary Fund (IMF) reports that almost 40 percent of global employment is exposed to artificial intelligence. Historically, automation and information technology (IT) have mostly affected routine tasks. One of the things that sets artificial intelligence apart is its ability to impact high-skilled jobs.
Technology is advancing at a dizzying pace, and AI promises to continue that trend. It took 2.4 million years for our ancestors to control fire and use it for cooking but only 66 years to go from the first flight to humans landing on the moon. Every major tech innovation since then has been developed at a rapid pace.
Advisor intelligence = opportunity
But advisor intelligence isn’t technology or a bunch of research or a stack of textbooks about investing. During my 25 years as a financial advisor, I have discovered the amazing opportunity that comes with advisor intelligence — for my team and me as well as our clients.
I’ve had the privilege to work with hundreds, if not thousands, of people, and I have learned something valuable from every single one of them — from their mistakes and regrets, as well as their successes and victories. That vast treasure trove of intelligence I have been able to collect from the wisdom of people who have lived life significantly enriches and informs my work with my other clients.
And, although our business tends to require a focus on data and numbers, sometimes the best decisions that make life better for us have nothing to do with what the data say. In my experience, the most powerful decisions in life revolve around what people say they want, followed by the actions they take to achieve what they want.
Your advisor will simplify the planning process for you
Although technology has made our lives easier and more convenient in many ways, it has also led to information overload. We are now inundated with so much data, so many graphs and charts, and so many options that it’s easy to get overwhelmed. And often, feeling overwhelmed leads to indecision. It’s called choice overload or choice paralysis.
Your financial advisor has the education, certifications, knowledge, experience and other credentials to simplify the highly complex world of finances for you. A lack of knowledge and misinformation can lead to costly, often irreversible mistakes when it comes to managing your assets. Your advisor’s knowledge of tax laws and implications, financial products and services, changing laws regarding retirement accounts and other topics can give you a huge advantage and guide you to a much better outcome than you might achieve on your own.
One of the ways we add value on a daily basis is protecting our clients from a lot of information that doesn’t matter to their situations and from misinformation that can lead them down the wrong path. What you do with your resources matters, and we are uniquely qualified to guide you in making the best decisions for you and your family.
Your advisor will tailor advice and a plan to your unique situation
Not only is all that information out there confusing; it’s rarely based on your own unique situation. Algorithms spit out averages based on the data collected from population samples. And, while averages can be helpful as rudimentary guidelines, they fall severely short in forming the foundation of wise advice for you and your family.
Artificial intelligence can never replace the priceless value of sitting down with your advisor to plan for the future, based on your fears, concerns, dreams, wishes and current situation. Artificial intelligence cannot remind you to stay the course when market fluctuations cause you to worry about the value of your investments. It cannot comfort you when you experience devastating life transitions, such as the death of a loved one or the loss of a home or business, and it cannot join you in celebrating your wins. And the technology cannot act as a sounding board as you brainstorm what you want your life to look like in retirement or share the wisdom gained from leading hundreds or thousands of other clients through similar situations successfully.
Your advisor can help you avoid regrets
To me, there is no greater reward than guiding peopl to discover what they desire most out of life and leading them to achieve those wishes. Why? Because this process helps people avoid regrets. It is incredibly sad to see people reach the end of their lives without having achieved or experienced what they had dreamed of their entire lives.
Australian nurse Bronnie Ware worked in palliative care for many years. She once compiled a list of the top five regrets she heard most often from people who were facing imminent death. Here are those top five regrets:
- I wish I’d had the courage to live a life true to myself, not the life others expected of me.
- I wish I hadn’t worked so hard.
- I wish I’d had the courage to express my feelings.
- I wish I had stayed in touch with my friends.
- I wish I had let myself be happier.
A huge part of advisor intelligence is helping you avoid regrets. So many people go through life reacting to the expectations and pressures of the day, without sitting down to figure out what they want most out of life. If you have not done this, I encourage you to do so, regardless of your age! I also highly recommend that you have this brainstorming session with your significant other. More often than not, the regrets people have at the end of their lives involve things they didn’t do — not things they did do.
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Managing your wealth is an extremely personal process that requires mutual trust with an experienced advisory team. AI can certainly crunch some numbers for you, but it can never replace the emotional intelligence and wisdom that your financial advisor can provide you.
Only a human financial advisor can understand your situation, help you understand your situation, guide you toward financial confidence and well-being, and adjust your personal financial plan as you navigate life’s many twists and turns. When we design a tailored financial plan for you, it’s just the beginning of what we hope will be a long-term relationship.
I invite you to experience advisor intelligence by working with us! We look forward to establishing a mutually trusting and beneficial relationship with you as we help equip you to make better decisions for your life — and for those you love.
