00:00The big question here is whether human financial advisors could really go extinct,
00:04or will AI, you know, just kind of help them, assist them in their jobs?
00:08I think there's this existential crisis that's unfolding as AI works deeper and deeper into
00:13the industry and into their day. I mean, right now, I think advisors see how much AI can help
00:18them and free up time. So for now, they're embracing it, but we'll have to see, you know,
00:24if it becomes more of a threat. And I think about it in terms of who we're discussing,
00:28right, for the wealthy. And we could talk about mini millionaires or high net worth individuals.
00:32They want high touch services, high touch products. That means having human beings part of the mix,
00:38and they're willing to pay up for it. But you also wonder if that's generational.
00:42Yeah, I think that's a great question, because older investors are very comfortable with the
00:46idea of having a human advisor willing to pay that money, like you said. But then again,
00:50I sort of think while younger investors sort of are much more comfortable with AI,
00:55if you have a SpaceX stake, and all of a sudden 10 million falls into your lap,
01:00you're not going to go running to AI, you're going to run to a human advisor.
01:03They're going to run to a human advisor. So I guess the question, therefore, is for those who
01:06are relying on AI bots to help manage their money or help them figure out allocations,
01:11is that something they can rely on? Is it working for them?
01:14I say no. I think that there are still hallucinations. If it's something really simple,
01:20maybe AI can help you. But for tax issues and things like that, you know, there's a phrase like
01:25trust but verify. With AI right now, I would say like, don't really trust and definitely verify.
01:31Do you think this is all going to work in your wonderful article with the great images of Miami
01:35Beach? Do you think this is going to work in a bear market? Nobody remembers what it's like when
01:40you're down 32%? You're not going to blame AI, are you? That's a really good point. Because when
01:45stuff like that happens, your advisor can be a huge, huge aid in stopping you from doing
01:50something stupid, you know, selling at the bottom. Are you looking at me?
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