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Humanizing A.I. to Deepen Client Relationships
Personal Financial Planning SectionTax | Retirement | Estate | Risk Management | Investments
Today’s Speaker
EVAN CARROLL
Personal Financial Planning SectionTax | Retirement | Estate | Risk Management | Investments
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Today’s Webcast
1. Understanding Artificial Intelligence
2. Applications of AI for financial advisors
3. Preparing my practice for AI
Personal Financial Planning SectionTax | Retirement | Estate | Risk Management | Investments
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HIGH-TECHor
HIGH-TOUCHthat is the question…
LET PEOPLE DOWHAT PEOPLE DO BEST
LET TECHNOLOGY DOWHAT TECH DOES BEST
Understanding A.I.
Personal Financial Planning SectionTax | Retirement | Estate | Risk Management | Investments
Understanding A.I.
Personal Financial Planning SectionTax | Retirement | Estate | Risk Management | Investments
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Narrow AIWhen a machine is trained to do a particular task
General AIWhen a machine capable of handling any generalized task
Understanding A.I.
Personal Financial Planning SectionTax | Retirement | Estate | Risk Management | Investments
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Conversational AI
Pattern Recognition
Decision Analysis
Big Data
Deep Neural Networks
Machine Learning
Understanding A.I.
machine learningnoun. the study of algorithms and statistical models that computer systems use to effectively perform a specific task without using explicit instructions, relying on patterns and inference instead.
Personal Financial Planning SectionTax | Retirement | Estate | Risk Management | Investments
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Input ▶ Output
x ▶ ?
x ▶ ?
Understanding A.I.
machine learningnoun. the study of algorithms and statistical models that computer systems use to effectively perform a specific task without using explicit instructions, relying on patterns and inference instead.
Personal Financial Planning SectionTax | Retirement | Estate | Risk Management | Investments
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Input ▶ Output
x ▶ ?
x ▶ ?
Understanding A.I.
Identify when a portfolio is out of balance and suggest new investments to correct the allocation
Suggest possible investments based on a client’s investment strategy and current performance
Execute transactions based on a set of pre-determined rules
Manage an ETF on its own, selecting an allocation and ordering trades
Determine what’s important to a client and set up plans and goals to serve the client
Personal Financial Planning SectionTax | Retirement | Estate | Risk Management | Investments
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Personal Financial Planning SectionTax | Retirement | Estate | Risk Management | Investments
Narrow A.I. is good at completing tasks given a specific goal.
Who will determine those goals?
Applying A.I.
Personal Financial Planning SectionTax | Retirement | Estate | Risk Management | Investments
Personal Financial Planning SectionTax | Retirement | Estate | Risk Management | Investments
How can A.I. help you deepen client relationships?
Deeper Relationships
Always-on portfolio monitoring
Proactive insights and alerts
Unbiased trend analysis
Frees up human time to focus on relationship building
Predict client attrition
Personal Financial Planning SectionTax | Retirement | Estate | Risk Management | Investments
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Personal Financial Planning SectionTax | Retirement | Estate | Risk Management | Investments
How can A.I. help you be more responsive?
Increase Responsiveness
Automatic response to client queries
Proactive next best actions
Real-time allocation adjustment
Real-time response to changing markets
Personal Financial Planning SectionTax | Retirement | Estate | Risk Management | Investments
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Personal Financial Planning SectionTax | Retirement | Estate | Risk Management | Investments
How can A.I. help you be more ready to serve your clients?
Improve Readiness
Access to more data than a single human
Easily understand the entire tax code
Learns from all of the clients in your practice
Personal Financial Planning SectionTax | Retirement | Estate | Risk Management | Investments
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Preparing Your Practice
Personal Financial Planning SectionTax | Retirement | Estate | Risk Management | Investments
Preparing Your Practice
Fact: A.I. is as good as the data available for learning.
Personal Financial Planning SectionTax | Retirement | Estate | Risk Management | Investments
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Action: Organize your data into one system.
Preparing Your Practice
Fact: A.I. is not going away—it’s here to stay.
Personal Financial Planning SectionTax | Retirement | Estate | Risk Management | Investments
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Action: Embrace change to remain competitive.
Preparing Your Practice
Fact: Intuition still plays a role in decisions.
Personal Financial Planning SectionTax | Retirement | Estate | Risk Management | Investments
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Action: Use A.I. as a tool, but not as a crutch.
“Although the potential for success is enormous, delivering business impact from AI initiatives takes much longer than anticipated”
— GARTNER
Personal Financial Planning SectionTax | Retirement | Estate | Risk Management | Investments
Questions?
Personal Financial Planning Section Tax | Retirement | Estate | Risk Management | Investments
AICPA PFP Section Member Resources
Personal Financial Planning Section Tax | Retirement | Estate | Risk Management | Investments
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PFP Section members, inclusive of CPA/PFS credential holders, have access to resources on the latest planning strategies and trends in personal financial planning services so that they can practice competently and profitably. Visit aicpa.org/pfp/resources.
Estate
Investment
Legislative/Regulatory
Tax
Insurance & Risk Management
ProfessionalResponsibilities
Retirement
PracticeManagement
ConsumerContent
Upcoming PFP Section EventsWebcasts (View complete schedule for 4 free events per year with CPE for PFP/PFS members)
Conferences
Personal Financial Planning Section Tax | Retirement | Estate | Risk Management | Investments
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May 131 – 2:45pm ET
Addressing your clients’ tax and planning needs after tax season(Free CPE)
May 221 – 2:15pm ET
Rethinking risk tolerance for retiring clients
June 191 – 2:45pm ET
The risks of uncompensated risk in investment portfolios
June 9-13, 2019 AICPA ENGAGEAdvanced PFP ConferenceAdvanced Estate Planning ConferenceTax Strategies for the High Net Worth Individual
CPA/PFS News and Events• PFS Referral Program
– Receive 100% credit to apply toward future CPA/PFS dues by referring a CPA to become a PFS or sit for the PFS exam
• PFS Exam– Register now for upcoming exam windows– Discounts, sponsorships and volume pricing available
• Education Opportunities– PFP certificate program: in-depth courses in estate, retirement, tax, investments, insurance,
and PFP process– In-person and online PFP Boot Camp – Self-study PFS exam review course
• Learn more at aicpa.org/pfs
Personal Financial Planning Section Tax | Retirement | Estate | Risk Management | Investments
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Thank you© 2017 Association of International Certified Professional Accountants. All rights reserved.