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Would You Let A Robot Manage Your Retirement Savings?

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  • Would You Let A Robot Manage Your Retirement Savings?

    http://www.npr.org/2015/10/20/445337189/would-you-let-a-robot-manage-your-retirement-savings

    Fascinating idea. This is a natural evolution of AI applied in a really clever way. All the index funds are managed by algorithms, but I didn't realize that personalized service is already available. It will rapidly progress from there into more elaborate ways of acting like your very own financial manager. Everything will be dirt cheap or completely free.

    https://wisebanyan.com/faq/fees/how-offer-free-financial-advisory-and-investment-management

    Could the highest paid people on Wall Street be among the first to lose their jobs from AI automation?

  • #2
    That's old news. Yes, I have a "robot" managing part of my portfolio. We call him, "Betterment".

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    • #3
      Not a robot managing a portfolio. A complete replacement for financial advisors who would typically be paid 2% of portfolio value, $1,500 for a single planning session or $300 hourly for offering personalized advice to clients. All for free or a nominal charge while providing equivalent or better advice. That's what you'll see made widely available within five years (probably sooner) from somewhere like Schwab, Ameritrade or Personal Capital.

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      • #4
        Yes. Yes I would. Their advice is mostly hand holding and not ground breaking I.e replaceable by AI

        Similar to what I believe most of consultation (non procedural) medicine is - even that will be replaced in time.

        Nothing groundbreaking mostly following algorithm. High WBC count ? Do this that and order that - monkey can do that

        Invest in low cost index funds ? Change according to risk appetite ? Monkey can do that

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        • #5




          http://www.npr.org/2015/10/20/445337189/would-you-let-a-robot-manage-your-retirement-savings

          Fascinating idea. This is a natural evolution of AI applied in a really clever way. All the index funds are managed by algorithms, but I didn’t realize that personalized service is already available. It will rapidly progress from there into more elaborate ways of acting like your very own financial manager. Everything will be dirt cheap or completely free.

          https://wisebanyan.com/faq/fees/how-offer-free-financial-advisory-and-investment-management

          Could the highest paid people on Wall Street be among the first to lose their jobs from AI automation?
          Click to expand...


          Computers already do the vast majority of the daily trading in the stock market with minimal human intervention. The robo-advisors will continue to innovate over the next few years, but ultimately it's about assessing the client and their risk tolerance and financial goals. Just as a robot cannot assess a patient's performance status and treatment goals in the way that a physician can, financial advisors will continue to be in business holding client's hands through turbulent market times.

          -Wall Street Physician

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