Written by Kevin Okell on 12 June 2018
Feature first seen in Professional Adviser on 12/06/2018
A story in the press recently about a robot that is able to put together an IKEA chair touched upon something fundamental about robotics: that it is much tougher to programme physical dexterity than cognitive ability. It’s called Moravec’s paradox, and it explains why robots can beat the world’s best chess and Go players but cannot walk across a cluttered room. So when we talk about how AI and robotics are going to transform the financial services industry, we need to be careful.
By putting all our faith in robots, we are overvaluing the analytical side of financial advice and undervaluing its human elements. The FCA is guilty of this too, partly because it is harder to measure the value of human relationships than performance and portfolio management. What’s clear is that, at least for the foreseeable future, AI will augment financial advisers rather than replace them.
'Putting' Charity First
Written by Altus on 3 October 2018
Altus Consulting, a Bath financial services company has raised nearly £6,000 for the Children’s ward at the Royal United Hospitals Bath.
Reading the signs all wrong
Written by Rory Gravatt on 14 August 2018
The Work and Pensions Committee is missing the point when it asks whether people understand the cost and value for money of their pension products – a recent FCA paper revealed that one third of those who opted for pensions freedoms don’t even understand where or how their money is invested