Why You Should Not Entrust Your Finances To Robots

Years ago, clients have to meet with their financial adviser face-to-face in order to discuss matters. With innovation, it is now possible to talk over the phone or setup a conference call without the need to travel. It is also possible to hire financial adviser online such as www.plenty.com.au which provides online financial advising services to clients. The technology is simply a tool between one human to another human being.

Money experts, however, are worried with the rise of robots employed with artificial intelligence and entrusted by clients to have their finances. These machines are installed with the right software with the front that this alternative is cheaper and more efficient compared to the traditional means. When clients turn to machines, they are committing a big mistake by asking a robot on how their finances should be managed.

This is now the concern of many – the autonomous bots will pave the way to a new era wherein financial advisors will no longer play a big role.

According to Grainger Jones, an independent adviser from West Midlands, more and more robot consultants are emerging which are dubbed as robo-advisers. The threat is real as he has been in the financing industry for two decades. He used to be an employer of a life insurance company and of a premium bank.

He said that if the path to development of the financial services is the same as before, bank clients might find themselves talking to a phone. The robots will be programmed not only for financial service but they will also have financial products. While the idea is considered far-fetched, a number of industry experts believe that this tech is already available. The idea is that the robot will ask the client a number of questions and at the same time look into the attitude before making decisions.

These robots will be employing algorithms in order to solve financial problems and provide necessary advice. This is different from sites such as www.plenty.com.au wherein actual financial advisers are handing the clients. The fear that bots might replace human workers might be very far from the future as it stands.

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