Are AI Tools Worth the Cost?
Readers of my AI articles have asked me for practical examples of how it can positively impact their practice.
They want to know the following:
- What problems can AI solve?
- What applications can solve those problems?
- Is AI cost effective?
Let’s address those issues.
Data-driven decision-making platforms
Advisors can use these platforms to gain insights into clients and better serve them. These programs have broad application, so what follows is only a summary description of their capabilities.
Symanto is an example of a platform that uses natural language processing and machine learning to analyze text data and derive insights. Other data-driven decision-making platforms include DataRobot, Google Cloud AI, and TensorFlow, which are machine learning platforms offering various AI services.
While these platforms aren’t designed for financial advisors, they can be adapted to serve your needs.
To effectively use data-driven programs, you must gather information about your demographic and your clients’ financial goals, risk tolerance, investment preferences, time horizons, and other personal information.