News Article

Addressing the Threat of Artificial Intelligence in Financial Services

Posted: August 18, 2017 VIA: Knowledge Bureau
Posted in: Breaking News, Strategic Thinking

What has more value: Artificial Intelligence or the advice humans give to their clients? The debate is on at the Distinguished Advisor Conference, November 5 - 8 in Kelowna.

If you are entrepreneurial, a business builder, and an innovative thinker, you will want to be there to hear Malcolm McRae, Jon Earle and Joseph Alfie.

Malcom McRae, IT Director at Vale, has been responsible for the company’s Advanced Analytics Program over the last two years. Previously with BMO, where he focused on data mining and business intelligence, Malcolm has spoken at multiple internal and external events, including 2016 IBM World of Watson in Las Vegas and the second annual Industrial IoT Big Data Summit in Toronto. His session at DAC, entitled Industry 4.0 Artificial Intelligence: The Real News on the Impact of AI on Your Work, will challenge your thinking about the future of the financial services. 

Unlike the Industrial Revolution and the computer revolution, the AI Revolution is not just taking certain jobs (artisans, personal assistants who use paper and typewriters) and replacing them with other jobs (assembly-line workers, personal assistants conversant with computers). Instead, it is poised to bring about a wide-scale decimation of jobs — mostly lower-paying positions, but some higher-paying ones, too. 

These changes will dramatically affect the demand for the advice you give now — for example, information on investment choices and the tax impact of severance packages; and, more importantly, strategic counsel on retirement planning and the stewardship of family wealth from one generation to the next. Learn insights that will help you answer questions and promote strategic discussions with your clients: What happens to people when robots and AI become commonplace?  What’s their role? How do they make money?  How do they invest and save? Malcolm will compel you to consider how you can put these changes to work for you — to improve the quality of advice you give and, in the process, your value proposition. 

An intriguing counterpoint to this discussion is the Young Advisors Panel hosted by Barbara Foy-Pilchner, VP National Accounts, Manulife Investments. This year’s recipients of the Distinguished Young Advisors Award, Jon Earle and Joseph Alfie, will challenge DAC delegates to think deeply about the Financial Advisory Services of the Future, offering an interesting perspective from two leading Under-40 advisors: Replace Robots with Humans to build your business to the next level by doing more of the right things. 

Following his studies in Finance at the John Molson School of Business, Joseph Alfie, CFP, built his investment advising practice by catering to high-net-worth business owners and professionals from the ground up with extensive knowledge of investment management, retirement planning, and estate and tax planning. Joseph’s investment style is based on strategic asset allocation to ensure that portfolios can weather the volatility of the markets. In 2016, Joseph was named one of the top 25 up-and-coming advisors in the country.

Jonathan Earle, B.Sc, P.Eng, MBA, CFP®, CIM®, started his career as a professional engineer in the consulting industry and concurrently pursued his MBA at Wilfred Laurier University, where his passion for finance grew. Jon and his team believe that a comprehensive financial plan is essential for each and every client. Using the core values of integrity and service, Jon’s business continues to grow, primarily through unsolicited referrals.

Early registration for the DAC ends on September 30. Take this opportunity to review the outstanding agenda and register by calling 1-866-953-4769 today. 

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