WEBVTT
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Welcome back to the innovation stage.
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We might even call it the cool stage.
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I I agree with that.
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Mike Rudeau is on the stage, so by the transitive property, I don't know.
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Welcome to the innovation stage.
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Today we're talking about ChatGPT versus Advisor.
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Has anybody heard of ChatGPT?
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Little thing.
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Happened three years ago.
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And truly, um, artificial intelligence, as you all know because you read the news, is changing the landscape of a lot of different industries.
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And so one of the things that we wanted to dig in today is how is artificial intelligence affecting the industry of wealth advice?
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How does Morton Wealth use it?
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How does Morton Wealth not use it?
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And where we see it going in the future.
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So we're talking to expert artificial intelligence expert Mike Rudeau about this conversation today.
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So this should be a lot of fun.
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And it's kind of serendipitous because two years ago I sat on this stage when AI was kind of a new topic, and I got to present on how businesses were incorporating AI into their business model.
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And it it you know was a new implementation.
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There wasn't a lot of businesses that had really started that process yet, and then turn around two years later, sit here today, and it's a much different story.
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So I'm I'm excited to talk about it.
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It really is a different story.
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I I uh this is a joke.
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I'm just there's gonna be a lot of jokes today, okay?
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Um, this is a joke, but I I am now in a thruple with me, my wife, and chat GPT.
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I get home from work and she's like, oh bo, I was talking to chat today, and you will not believe what he said.
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I was blah blah blah blah blah blah blah blah blah.
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And I was like, and he gets a little flirty with her, I gotta be honest.
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So, oh wow, that's such an insightful question.
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You've thought really hard about it.
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It's like, hey man, back up.
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This is my this is my wife.
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Just give her the information that she needs.
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So ChatGPT is very integrated in my life for sure.
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And I think a lot of people use it uh on a daily basis.
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And so that brings us to the question of how do you use it in in in in financial advice.
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And so, Mike, I know that you've done a a substantial amount of research on just the statistics around ChatGPT and AI in general.
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I'm wondering if you can share that with us.
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No, I well, first thank you for the clarity there.
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And it's interesting the thropple because now I understand why Daniela always calls me chat, right?
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It's and I didn't think I was being flirty, I just was being polite.
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And don't worry, I'm I'm happily married to Alexa.
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So you're you're all good.
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Now everything makes sense.
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Um but no, I I have done a lot of research on you know how AI has been implemented, and there's tons of facts out there.
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Um but what I wanted to do is kind of present the facts that really tell a story on how AI is uh impacting the financial services industry.
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Right.
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And and if you look at it, the financial services companies, about 85% of them have implemented some sort of AI strategy.
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Why aren't I on that stage?
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And that's a lot, that's a large adoption.
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But for the most part, they're using it to be more efficient, more resilient businesses, right?
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They're using it to automate tasks, they're using it for summarizing meetings, um, they're using it for some risk controls for fraud detection.
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The interesting part of that though is that most of these financial services companies are not using it for financial services, right?
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They're not using it for complex investment planning, they're not using it for values-based planning or estate and legacy planning, right?
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The numbers are less than 10% when you actually break that down and look at how they're using it.
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Right.
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And I feel like at Morton, we're very much in that boat, right?
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We're trying to create time for our employees to do the things that they love to do, the things that are important, which is behavioral coaching, values-based planning, right?
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Building real relationships.
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AI is great at the automation, right?
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And we use it for that.
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Um, but I think we're doing a really good job of using it to free up our time so that we can do what's important.
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Yeah, and just to give a few examples, if you've been in a Zoom meeting with your advisor recently and your advisor has asked, hey, do you mind if I turn on our AI note taking?
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That's a great example of what AI does really well.
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Takes our attention away from taking notes.
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The SEC requires us to take notes in every meeting.
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So that's the perfect example.
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There's also software where if we're analyzing, say, a tax return, it can populate the data for us for us to get to the analysis faster.
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And so these are ways that we get more efficient with AI, but it's not necessarily replacing the actual um the actual work of financial advice.
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What is AI and what isn't AI?
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What AI is, it is a great research assistant.
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It is a wonderful Google search, and it is really good at doing black and white mathematical problem solving.
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Very, very good at that.
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What it's not, it's not a replacement for critical thinking.
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It's not a replacement for human intuition and relationships, and it's certainly not a financial advisor.
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So that I think is the right way to think about AI and the current landscape of what it is and what it isn't.
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Um, and so on to your next statistic about how accurate AI can be.
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And looking at that trend of adoption, right?
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When you look at this statistic, 50% of consumers in the US are using AI for some sort of financial advice.
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Wow.
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And if you look at the robo advisory AUM assets under management, in 2022, that was about$2 trillion.
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The projections for 2027 going into it is going to be about$7 trillion.
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So huge growth there.
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And that could be a wonderful thing in the sense that it seems like it's democratizing financial advice, right?
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For people who maybe didn't have the assets under management to qualify for an advisor, are now able to get financial advice.
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But at the same time, that's really dangerous.
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And if you think about fitness, for example, it used to be hard to become a member at a gym.
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Maybe it was expensive, but then these Globo gyms came up.
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You have 24-hour fitness, LA Fitness, and they've been able to democratize fitness so where that anyone can afford a membership.
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Now, does that mean that anyone should walk into a gym and just start working out?
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That's pretty dangerous, right?
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If you go in and you have no idea what you're doing, you're likely to get hurt or get someone else hurt, right?
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And there's a there's a routine to that.
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You should go in and you should get an orientation, you should learn the equipment, how it's properly used, and then you should probably get matched with a personal trainer, an expert, someone that's gonna be able to teach you the fundamentals of how to squat, how to press, right?
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And then once you've kind of gone through that, now it's goals.
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What am I trying to accomplish?
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Getting stronger, getting faster, getting thinner, whatever it is, right?
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You're gonna customize a routine with that trainer to help you accomplish those goals.
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After a while, yeah, maybe you could go to the gym and start working on your routine by yourself, but you're still relying on the experts until you've accumulated that knowledge.
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Chat GPT and financial advice is the same thing.
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It can be really dangerous if you're just going into that asking questions without Chat GPT knowing the full backstory.
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And you know, the output's only as good as the input.
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That's a such a good point.
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I think that's something that gets lost a lot.
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It's such a powerful tool.
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And you know, it's a it's a power tool.
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I am not, if you can't tell, I'm not really good at construction.
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Don't don't put a nail gun in my hands.
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I don't know how to use a hammer.
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I cannot use a nail gun.
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I will hurt you with a nail gun.
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And I think the same thing goes with ChatGBT.
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If you don't know how to use it and put the correct inputs into the prompt, then you're actually not going to get good results out of it.
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It is a tool that basically garbage in, garbage out.
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Um, also, it it doesn't always, it's not always right.
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That's the other thing that I've found with it.
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I've had it do mathematical problems that should be very easy for it, and I have to correct it.
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Another example, again, my wife talks to ChatGPT all day long, and she's we have a four-month-old baby, and so she's always asking it about you know nursing and feeding schedules and sleeping.
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And the other day, it it concluded that she was a baby.
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Other problem with ChatGPT, my wife is not a baby.
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Chat GPT does not know my wife.
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I was confused by her question, so I apologize.
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Um look, there is a fact, there is a statistic behind that.
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And and that is that only 65% of the financial planning or or investment answers that ChatGPT gives are actually accurate.
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That means 50% of the questions that you're getting answered are either misleading, incorrect, or missing information, right?
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I like how that math didn't add up.
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Right, yeah.
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There's math majors out there.
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So 35% of the questions that you ask are getting answered incorrectly, and you have no knowledge of which ones those are if you don't have some sort of financial background, some sort of found foundation built to understand what that question or that answer should look like on the other side of it.
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Right.
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And there's and there's new evolutions of this, right?
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ChatGPT is kind of a catch-all large language model AI server, but there's different apps that are getting created right now that are specifically, this is artificial intelligence, this is an AI advisor.
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And I just the most recent one that came out, um, I downloaded it, I put all in my information in.
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And it's it's pretty good at, again, answering black and white things, kind of like ChatGPT.
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But I had I found I was like, if I wasn't an expert in this field to ask the right questions, I can't get this thing to give me the right advice.
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And so it's interesting when you when you know what you're talking about, you can know when the artificial intelligence is wrong.
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But if you don't know what you're what you're doing, you don't know when it's wrong.
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And it's very confident, and it'll tell you that you're a baby when you're actually a nursing mother.
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That's true.
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And and in life, there are so many few decisions that are actually black and white.
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I mean, let's be real.
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When you're asking questions to ChatGPT, it's usually yes or no answers.
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ChatGPT doesn't know your life story.
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It doesn't know your dreams, your ambitions, your struggles.
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It doesn't know how to respond to the answers behind that because it can only respond to that, you know, black and white yes or no question.
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So should we try it out?
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I think we should.
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I think we should roll play.
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We're gonna, we're gonna, what's called steel manning.
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We're gonna steel man ChatGPT and give it a question that it should be pretty good at, right?
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It's it's a mathematical black and white question.
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Should I buy or should I rent a house?
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And we're gonna keep the question vague because that's how the typical person will approach AI when they do it, use it as an advanced Google search.
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Should I buy or rent a house?
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Okay, this is something that should be okay.
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Can we ask ChatGPT?
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Should I buy or rent a house?
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Sure.
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Okay, here we go.
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It's thinking.
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Okay, so when buying makes sense.
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Your plan is to stay in the house for five to seven years, your financial foundation is strong, you want to build equity and wealth.
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When renting is a smarter move, you value flexibility, your financial picture isn't fully solidified, the market conditions are unfavorable.
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These are really good considerations, right?
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Like if you're looking at this, actually, ChatGPT is doing a pretty good job of telling you the different factors that should go into your decision, right?
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And so uh quick financial rules of thumbs.
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You know, if you want to stay in there for seven plus years, you should buy.
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If you're uncertain about the location, you should rent.
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These are not wrong, right?
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And then it even gets into the emotional and lifestyle check-in.
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Oftentimes you'll hear, oh, AI is not good at emotions.
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It's actually gonna ask you the question of like, well, what do you want, right?
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And so if you like, we can run the numbers rent versus buy and uh and do some calculators.
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Okay, I don't think that this is an awful response to that question, right?
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Would you agree?
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Like it's it's not it's not awful.
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Mike, I want to ask you as a human financial advisor the same question.
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And I just want to show, and and we're not being like again, we're steel manning ChatGPT right now.
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I just want to show the difference in the quality of the conversation I might have with you versus what I might have with ChatGPT.
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So, Mike, you're my financial advisor.
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Oh, what an honor.
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Um actually that that was pretty good.
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So if anyone is hiring, um I can do construction fitness.
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No, but should I buy or should I rent?
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So so let's role play.
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Like let me be your first year financial advisor as ChatGPT, right?
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And we're gonna walk through and we're gonna figure out kind of the financial scenario, if you're even able to buy a house, what area you want to buy a house in, what the price per square foot is, if it's the right time to buy in that area.
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Because that's you know, things that chat GPT can be pretty good at.
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So, Bo, do you have a job?
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For now.
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Do you have a stable income?
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For now, are you married?
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Yes.
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For now.
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Do you have any children?
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Yes.
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Do you your are your children in private school?
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No, they are not.
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Do you have any other dependents?
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I have no other dependents.
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Okay.
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Does your wife have a job?
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Yes.
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Is that a stable income?
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No.
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Okay.
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But you have money for a down payment?
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Yes.
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How much money?
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$200,000.
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So$200,000, right?
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So from from the information that I just asked, now I can probably go as Chat GBT, run some financial analysis, understand what you know you putting 20% down on a$1 million house would cost based on interest rates today, right?
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And call it a 30-year fixed loan.
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And then I could ask you the question, what's your gross income as a family?
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And I could take that and I can divide it by 12, and I could times it by 0.28, which will give me the ratio of whether you can really afford the mortgage on that house.
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And if that all comes back, and now I say, hey, Bo, you can afford to buy a house, right?
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What's now that you've gone through and done all of this, you're going to assume, I'm guessing, that that's the right decision for you.
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You're married, you've got a stable income, you're not planning on changing jobs or going anywhere, right?
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Your kids in school.
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All of these things would say, hey, we're going to be staying put, right?
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So buying a house would be okay.
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Now, let's switch to where I am your human financial advisor, Mike Rudeau.
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And and I've known you since your first episode of Doogie Howser, right?
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We've worked together for a really long time.
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Now, Bo, I know you've been married for 12 years, and it's been kind of a volatile marriage, and none of this is real, by the way.
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This is so and recently, you know, the last six months, you've told me that you guys aren't even sleeping in the same room.
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Anytime you guys try to communicate, it turns into an argument.
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You feel like you're more co-parents than you are, you know, a true couple.
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Right?
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And then talking about your kid, he's amazing.
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He's having a lot of trouble in school.
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He's been acting out, his grades are slipping, and it's not that he's not smart, it's not that he's not loving or caring or respectful.
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It's just this is a big school that he's in, right?
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There's 40 kids per class.
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And you've told me that you think it might be right for him and the best decision for your family to look at other opportunities, maybe private school.
00:15:10.159 --> 00:15:15.679
And I know cash flow is tight, but you guys might be able to do that if you just tweak a few things, right?
00:15:16.080 --> 00:15:17.840
And then talking about Danielle, right?
00:15:18.000 --> 00:15:19.200
Her stable income.
00:15:19.840 --> 00:15:22.399
She hasn't been happy in her career in a very long time.
00:15:22.559 --> 00:15:25.360
And she's been thinking, you know, I don't feel fulfilled.
00:15:25.600 --> 00:15:32.240
When am I going to be able to get, you know, the opportunity to bite my teeth into something that actually makes me feel whole?
00:15:32.480 --> 00:15:32.639
Right.
00:15:32.799 --> 00:15:40.399
And on the other side of that, she's also kind of resentful to you because she's always wanted to have a yard where she can host.
00:15:40.559 --> 00:15:49.200
She's wanted to host kids' birthday parties, she's wanted to have cocktail parties, and you just haven't been able to do that with the houses that you can afford to buy.
00:15:49.360 --> 00:15:49.600
Right.
00:15:49.759 --> 00:15:51.200
And then there's your parents, right?
00:15:51.440 --> 00:16:01.440
They're not dependent on you right now, but you've told me that your dad's starting to forget some things and your mom forgets that your dad forgets things, and they're on a very tight budget.
00:16:01.679 --> 00:16:12.320
And if anything happens to where they have a big hit to their their pocket, you're the only person who could step in and kind of help them through that those financial times.
00:16:12.799 --> 00:16:25.840
Well, now, when I look at what Chat GPT asked you, all yes or no questions, figuring out, well, yeah, it's probably a good idea for you to buy a house because you're married, you've got a stable income, you don't have any dependents, your kid's not in private school.
00:16:25.919 --> 00:16:33.759
But then the reality of that is when you talk to someone who knows you, all of those things are variables that could cause you to say, hey, I'm gonna step back.
00:16:33.840 --> 00:16:38.399
Maybe I shouldn't be putting$200,000 locking that up into a long-term mortgage.
00:16:38.639 --> 00:16:45.360
Maybe I need that money to help subsidize income because Danielle's gonna go get a new job and it might take a while.
00:16:45.519 --> 00:16:47.679
Maybe I need to help with private school, right?
00:16:47.759 --> 00:16:58.240
There's a lot of other things that need to be discussed that I don't think ChatGPT will be able to get to unless you have the wherewithal to tell ChatGPT all of these things.
00:16:58.320 --> 00:17:04.880
And are you gonna sit in front of a computer and say, well, I've got marital problems, my wife's telling me to sleep in another bedroom, right?
00:17:05.519 --> 00:17:06.799
So that's the reality of it.
00:17:06.880 --> 00:17:10.319
It's all about relationships, it's all about the relationships that we built over time.
00:17:10.480 --> 00:17:13.200
It's all about me knowing your goals, your dreams, your ambitions.
00:17:13.279 --> 00:17:15.839
And I know that sounds cheesy, but that's the reality of it.
00:17:16.559 --> 00:17:27.759
It it's it does sound a it does sound a little bit cheesy, but honestly, when you were telling me my story, which thank God that's that's not my situation, but I was I mean, that was a really emotionally moving story.
00:17:27.920 --> 00:17:48.160
And if you're sitting across from someone who you know and you're able to bring that type of heavy material up to help them make a huge financial decision, I think that is there's not a price that I would put on that, you know, to have basically a brother to walk through that those decisions with.
00:17:48.400 --> 00:17:53.039
And I think that's a different relationship than than what we have with with Chat GPT.
00:17:53.200 --> 00:17:53.279
Yeah.
00:17:53.440 --> 00:17:57.759
And I and I think an important fact on that too is at the end of the day, we're fiduciaries.
00:17:58.319 --> 00:18:02.240
We are here to help our clients make the best decision for them.
00:18:02.960 --> 00:18:03.279
Right.
00:18:03.440 --> 00:18:05.920
And sometimes that's not the best financial decision.
00:18:06.160 --> 00:18:09.519
Sometimes it's the best life decision, and it might cost them more, right?
00:18:09.680 --> 00:18:16.000
They might have to spend more, they might not be making as much money, but because we know them holistically, we know that that's going to be the right path forward.
00:18:16.160 --> 00:18:16.319
Right?
00:18:16.480 --> 00:18:18.079
AI is not a fiduciary.
00:18:18.319 --> 00:18:24.960
You're putting in information, it's giving you facts that it thinks are facts, but you're right, it's not acting on your best behalf.
00:18:25.279 --> 00:18:29.680
Yeah, and and we don't know, we don't know when it's right, because what's 65% of the time.
00:18:30.000 --> 00:18:33.200
And that was, you know, a pretty simple, a pretty simple question.
00:18:33.440 --> 00:18:36.240
If we had more time, we would go into more complex questions.
00:18:36.319 --> 00:18:40.480
It's like a one would be should I quit my job and start a business, right?
00:18:40.559 --> 00:18:49.839
If you were talking to Daniela in this hypothetical, that I mean, that would be a much more in-depth, right, excruciating conversation that would take months and months and months to do that.
00:18:50.079 --> 00:18:50.319
Absolutely.
00:18:50.400 --> 00:18:57.440
Because someone that's never been a business owner, but have heard from their friends, oh yeah, I know this guy and he just sold his business for 30 million and now he's starting a new business.
00:18:57.599 --> 00:19:00.480
It's probably like they're thinking, why don't I a business owner?
00:19:00.640 --> 00:19:02.319
Why don't I just quit my job and start a business?
00:19:02.400 --> 00:19:07.839
And it's like, okay, there's a lot to talk about when you're when you're considering that route.
00:19:08.079 --> 00:19:22.400
And it it is important to have a team around you and people with experience who have worked with business owners, who have been with people who quit, you know, a guaranteed paycheck to go and and take a risk on you know starting something from scratch.
00:19:22.480 --> 00:19:23.680
So I think it's wonderful.
00:19:23.759 --> 00:19:25.839
I really like how you illuminated that, Mike, truly.
00:19:26.000 --> 00:19:32.400
Um, and and just to kind of bring it back to how Morton Wealth is treating this scenario, how we're using AI.
00:19:32.640 --> 00:19:38.799
One thing that I want all of our clients to know is that we're not using AI in training ourselves how to how to know financials.
00:19:39.119 --> 00:19:46.880
We're actually being very analog about you have to know financial advice to become a financial advisor at Morton Wealth.
00:19:47.039 --> 00:19:50.880
We don't we don't rely on AI to help answer your questions.
00:19:50.960 --> 00:19:59.839
And so that I think is the number one thing that I want our clients to walk away from today is that we value the human expertise so that we can use the tool well.
00:20:00.000 --> 00:20:15.440
And then that the emotional expertise is just something that we put such a heavy premium on, you know, like we the people who we tend to attract at Morton Wealth tend to be people who can have those very honest, emotionally heightened conversations with their clients in a really helpful way.
00:20:15.680 --> 00:20:16.640
Yeah, no, I agree.
00:20:16.720 --> 00:20:20.000
I we've done a good job of embracing AI, right?
00:20:20.160 --> 00:20:24.160
And I would be lying if I said AI hasn't made us a better organization.
00:20:24.400 --> 00:20:29.920
It really has, but it hasn't replaced human behavior and human judgment, and I don't think it ever will.
00:20:30.559 --> 00:20:32.319
We call it the cyborg advisor now.
00:20:32.480 --> 00:20:34.880
You know, you want to be like half machine, half human.
00:20:35.039 --> 00:20:40.079
That's like the perfect sweet spot where you know how to use the tool really well, but but you're not a robot.
00:20:40.319 --> 00:20:43.039
So that's what we had to say about AI today.
00:20:43.200 --> 00:20:44.079
I hope you enjoyed it.
00:20:44.160 --> 00:20:47.119
If you have any questions, come up and ask Mike anything you want.
00:20:47.279 --> 00:20:49.039
He is an expert in many, many fields.
00:20:49.200 --> 00:20:50.400
So thanks for joining us today.
00:20:50.640 --> 00:20:51.599
Thank you guys.
00:20:51.920 --> 00:20:52.559
Wow.
00:00:09.119 --> 00:00:11.759
Welcome back to the innovation stage.
00:00:12.560 --> 00:00:15.119
We might even call it the cool stage.
00:00:15.439 --> 00:00:16.239
I I agree with that.
00:00:16.480 --> 00:00:22.320
Mike Rudeau is on the stage, so by the transitive property, I don't know.
00:00:22.559 --> 00:00:24.160
Welcome to the innovation stage.
00:00:24.239 --> 00:00:27.600
Today we're talking about ChatGPT versus Advisor.
00:00:27.760 --> 00:00:29.359
Has anybody heard of ChatGPT?
00:00:30.719 --> 00:00:31.280
Little thing.
00:00:31.519 --> 00:00:32.799
Happened three years ago.
00:00:33.039 --> 00:00:41.439
And truly, um, artificial intelligence, as you all know because you read the news, is changing the landscape of a lot of different industries.
00:00:41.600 --> 00:00:48.719
And so one of the things that we wanted to dig in today is how is artificial intelligence affecting the industry of wealth advice?
00:00:48.960 --> 00:00:50.399
How does Morton Wealth use it?
00:00:50.479 --> 00:00:52.079
How does Morton Wealth not use it?
00:00:52.159 --> 00:00:53.679
And where we see it going in the future.
00:00:53.840 --> 00:01:00.159
So we're talking to expert artificial intelligence expert Mike Rudeau about this conversation today.
00:01:00.240 --> 00:01:01.520
So this should be a lot of fun.
00:01:01.600 --> 00:01:15.439
And it's kind of serendipitous because two years ago I sat on this stage when AI was kind of a new topic, and I got to present on how businesses were incorporating AI into their business model.
00:01:15.599 --> 00:01:18.000
And it it you know was a new implementation.
00:01:18.079 --> 00:01:24.879
There wasn't a lot of businesses that had really started that process yet, and then turn around two years later, sit here today, and it's a much different story.
00:01:24.959 --> 00:01:26.560
So I'm I'm excited to talk about it.
00:01:26.799 --> 00:01:27.840
It really is a different story.
00:01:27.920 --> 00:01:29.599
I I uh this is a joke.
00:01:29.680 --> 00:01:31.920
I'm just there's gonna be a lot of jokes today, okay?
00:01:32.079 --> 00:01:37.519
Um, this is a joke, but I I am now in a thruple with me, my wife, and chat GPT.
00:01:37.680 --> 00:01:42.159
I get home from work and she's like, oh bo, I was talking to chat today, and you will not believe what he said.
00:01:42.319 --> 00:01:43.760
I was blah blah blah blah blah blah blah blah blah.
00:01:43.840 --> 00:01:46.400
And I was like, and he gets a little flirty with her, I gotta be honest.
00:01:46.480 --> 00:01:49.439
So, oh wow, that's such an insightful question.
00:01:49.680 --> 00:01:50.879
You've thought really hard about it.
00:01:51.040 --> 00:01:52.319
It's like, hey man, back up.
00:01:52.400 --> 00:01:54.079
This is my this is my wife.
00:01:54.239 --> 00:01:56.239
Just give her the information that she needs.
00:01:56.400 --> 00:02:00.239
So ChatGPT is very integrated in my life for sure.
00:02:00.400 --> 00:02:04.000
And I think a lot of people use it uh on a daily basis.
00:02:04.159 --> 00:02:09.680
And so that brings us to the question of how do you use it in in in in financial advice.
00:02:09.840 --> 00:02:17.439
And so, Mike, I know that you've done a a substantial amount of research on just the statistics around ChatGPT and AI in general.
00:02:17.599 --> 00:02:19.360
I'm wondering if you can share that with us.
00:02:20.080 --> 00:02:22.479
No, I well, first thank you for the clarity there.
00:02:22.719 --> 00:02:28.719
And it's interesting the thropple because now I understand why Daniela always calls me chat, right?
00:02:28.800 --> 00:02:33.599
It's and I didn't think I was being flirty, I just was being polite.
00:02:33.759 --> 00:02:36.479
And don't worry, I'm I'm happily married to Alexa.
00:02:36.560 --> 00:02:37.680
So you're you're all good.
00:02:38.000 --> 00:02:39.759
Now everything makes sense.
00:02:40.319 --> 00:02:46.800
Um but no, I I have done a lot of research on you know how AI has been implemented, and there's tons of facts out there.
00:02:46.879 --> 00:02:54.800
Um but what I wanted to do is kind of present the facts that really tell a story on how AI is uh impacting the financial services industry.
00:02:55.039 --> 00:02:55.280
Right.
00:02:55.439 --> 00:03:04.159
And and if you look at it, the financial services companies, about 85% of them have implemented some sort of AI strategy.
00:03:09.039 --> 00:03:10.319
Why aren't I on that stage?
00:03:10.639 --> 00:03:12.639
And that's a lot, that's a large adoption.
00:03:12.800 --> 00:03:17.599
But for the most part, they're using it to be more efficient, more resilient businesses, right?
00:03:17.680 --> 00:03:25.360
They're using it to automate tasks, they're using it for summarizing meetings, um, they're using it for some risk controls for fraud detection.
00:03:25.599 --> 00:03:32.719
The interesting part of that though is that most of these financial services companies are not using it for financial services, right?
00:03:32.800 --> 00:03:39.840
They're not using it for complex investment planning, they're not using it for values-based planning or estate and legacy planning, right?
00:03:39.919 --> 00:03:44.719
The numbers are less than 10% when you actually break that down and look at how they're using it.
00:03:44.800 --> 00:03:45.039
Right.
00:03:45.120 --> 00:03:48.960
And I feel like at Morton, we're very much in that boat, right?
00:03:49.039 --> 00:03:57.759
We're trying to create time for our employees to do the things that they love to do, the things that are important, which is behavioral coaching, values-based planning, right?
00:03:57.919 --> 00:03:59.360
Building real relationships.
00:03:59.599 --> 00:04:01.759
AI is great at the automation, right?
00:04:01.840 --> 00:04:03.039
And we use it for that.
00:04:03.199 --> 00:04:08.560
Um, but I think we're doing a really good job of using it to free up our time so that we can do what's important.
00:04:08.800 --> 00:04:18.160
Yeah, and just to give a few examples, if you've been in a Zoom meeting with your advisor recently and your advisor has asked, hey, do you mind if I turn on our AI note taking?
00:04:18.319 --> 00:04:20.959
That's a great example of what AI does really well.
00:04:21.279 --> 00:04:23.680
Takes our attention away from taking notes.
00:04:23.839 --> 00:04:26.079
The SEC requires us to take notes in every meeting.
00:04:26.160 --> 00:04:27.680
So that's the perfect example.
00:04:27.839 --> 00:04:35.279
There's also software where if we're analyzing, say, a tax return, it can populate the data for us for us to get to the analysis faster.
00:04:35.439 --> 00:04:45.439
And so these are ways that we get more efficient with AI, but it's not necessarily replacing the actual um the actual work of financial advice.
00:04:45.759 --> 00:04:48.720
What is AI and what isn't AI?
00:04:48.959 --> 00:04:52.160
What AI is, it is a great research assistant.
00:04:52.319 --> 00:04:59.439
It is a wonderful Google search, and it is really good at doing black and white mathematical problem solving.
00:04:59.600 --> 00:05:00.560
Very, very good at that.
00:05:00.720 --> 00:05:03.600
What it's not, it's not a replacement for critical thinking.
00:05:03.759 --> 00:05:09.199
It's not a replacement for human intuition and relationships, and it's certainly not a financial advisor.
00:05:09.439 --> 00:05:14.399
So that I think is the right way to think about AI and the current landscape of what it is and what it isn't.
00:05:14.560 --> 00:05:18.639
Um, and so on to your next statistic about how accurate AI can be.
00:05:19.040 --> 00:05:20.879
And looking at that trend of adoption, right?
00:05:20.959 --> 00:05:28.639
When you look at this statistic, 50% of consumers in the US are using AI for some sort of financial advice.
00:05:28.959 --> 00:05:29.360
Wow.
00:05:29.680 --> 00:05:36.560
And if you look at the robo advisory AUM assets under management, in 2022, that was about$2 trillion.
00:05:37.120 --> 00:05:41.600
The projections for 2027 going into it is going to be about$7 trillion.
00:05:42.000 --> 00:05:43.120
So huge growth there.
00:05:43.199 --> 00:05:49.199
And that could be a wonderful thing in the sense that it seems like it's democratizing financial advice, right?
00:05:49.360 --> 00:05:55.920
For people who maybe didn't have the assets under management to qualify for an advisor, are now able to get financial advice.
00:05:56.000 --> 00:05:58.639
But at the same time, that's really dangerous.
00:05:58.959 --> 00:06:05.680
And if you think about fitness, for example, it used to be hard to become a member at a gym.
00:06:05.759 --> 00:06:08.800
Maybe it was expensive, but then these Globo gyms came up.
00:06:08.879 --> 00:06:15.040
You have 24-hour fitness, LA Fitness, and they've been able to democratize fitness so where that anyone can afford a membership.
00:06:15.199 --> 00:06:19.120
Now, does that mean that anyone should walk into a gym and just start working out?
00:06:19.680 --> 00:06:20.959
That's pretty dangerous, right?
00:06:21.040 --> 00:06:24.720
If you go in and you have no idea what you're doing, you're likely to get hurt or get someone else hurt, right?
00:06:24.800 --> 00:06:26.399
And there's a there's a routine to that.
00:06:26.480 --> 00:06:37.920
You should go in and you should get an orientation, you should learn the equipment, how it's properly used, and then you should probably get matched with a personal trainer, an expert, someone that's gonna be able to teach you the fundamentals of how to squat, how to press, right?
00:06:38.000 --> 00:06:41.199
And then once you've kind of gone through that, now it's goals.
00:06:41.439 --> 00:06:42.720
What am I trying to accomplish?
00:06:42.879 --> 00:06:46.560
Getting stronger, getting faster, getting thinner, whatever it is, right?
00:06:46.639 --> 00:06:51.439
You're gonna customize a routine with that trainer to help you accomplish those goals.
00:06:52.079 --> 00:06:59.360
After a while, yeah, maybe you could go to the gym and start working on your routine by yourself, but you're still relying on the experts until you've accumulated that knowledge.
00:06:59.680 --> 00:07:02.480
Chat GPT and financial advice is the same thing.
00:07:02.639 --> 00:07:09.360
It can be really dangerous if you're just going into that asking questions without Chat GPT knowing the full backstory.
00:07:09.439 --> 00:07:11.680
And you know, the output's only as good as the input.
00:07:12.000 --> 00:07:12.959
That's a such a good point.
00:07:13.040 --> 00:07:14.720
I think that's something that gets lost a lot.
00:07:14.800 --> 00:07:16.480
It's such a powerful tool.
00:07:16.639 --> 00:07:18.959
And you know, it's a it's a power tool.
00:07:19.120 --> 00:07:22.639
I am not, if you can't tell, I'm not really good at construction.
00:07:23.600 --> 00:07:25.920
Don't don't put a nail gun in my hands.
00:07:26.160 --> 00:07:28.000
I don't know how to use a hammer.
00:07:28.399 --> 00:07:29.839
I cannot use a nail gun.
00:07:29.920 --> 00:07:31.360
I will hurt you with a nail gun.
00:07:31.519 --> 00:07:33.519
And I think the same thing goes with ChatGBT.
00:07:33.600 --> 00:07:40.240
If you don't know how to use it and put the correct inputs into the prompt, then you're actually not going to get good results out of it.
00:07:40.399 --> 00:07:43.120
It is a tool that basically garbage in, garbage out.
00:07:43.360 --> 00:07:46.879
Um, also, it it doesn't always, it's not always right.
00:07:47.040 --> 00:07:48.480
That's the other thing that I've found with it.
00:07:48.560 --> 00:07:54.160
I've had it do mathematical problems that should be very easy for it, and I have to correct it.
00:07:54.399 --> 00:08:04.319
Another example, again, my wife talks to ChatGPT all day long, and she's we have a four-month-old baby, and so she's always asking it about you know nursing and feeding schedules and sleeping.
00:08:04.399 --> 00:08:08.480
And the other day, it it concluded that she was a baby.
00:08:10.800 --> 00:08:14.000
Other problem with ChatGPT, my wife is not a baby.
00:08:14.240 --> 00:08:16.560
Chat GPT does not know my wife.
00:08:16.959 --> 00:08:19.920
I was confused by her question, so I apologize.
00:08:20.240 --> 00:08:25.040
Um look, there is a fact, there is a statistic behind that.
00:08:25.120 --> 00:08:34.080
And and that is that only 65% of the financial planning or or investment answers that ChatGPT gives are actually accurate.
00:08:34.559 --> 00:08:41.120
That means 50% of the questions that you're getting answered are either misleading, incorrect, or missing information, right?
00:08:41.440 --> 00:08:42.720
I like how that math didn't add up.
00:08:43.039 --> 00:08:43.279
Right, yeah.
00:08:43.440 --> 00:08:44.480
There's math majors out there.
00:08:44.559 --> 00:08:59.840
So 35% of the questions that you ask are getting answered incorrectly, and you have no knowledge of which ones those are if you don't have some sort of financial background, some sort of found foundation built to understand what that question or that answer should look like on the other side of it.
00:09:00.159 --> 00:09:00.320
Right.
00:09:00.399 --> 00:09:02.240
And there's and there's new evolutions of this, right?
00:09:02.320 --> 00:09:12.399
ChatGPT is kind of a catch-all large language model AI server, but there's different apps that are getting created right now that are specifically, this is artificial intelligence, this is an AI advisor.
00:09:12.480 --> 00:09:17.519
And I just the most recent one that came out, um, I downloaded it, I put all in my information in.
00:09:17.600 --> 00:09:22.080
And it's it's pretty good at, again, answering black and white things, kind of like ChatGPT.
00:09:22.240 --> 00:09:29.440
But I had I found I was like, if I wasn't an expert in this field to ask the right questions, I can't get this thing to give me the right advice.
00:09:29.600 --> 00:09:35.519
And so it's interesting when you when you know what you're talking about, you can know when the artificial intelligence is wrong.
00:09:35.679 --> 00:09:39.039
But if you don't know what you're what you're doing, you don't know when it's wrong.
00:09:39.200 --> 00:09:43.759
And it's very confident, and it'll tell you that you're a baby when you're actually a nursing mother.
00:09:44.639 --> 00:09:45.120
That's true.
00:09:45.200 --> 00:09:48.879
And and in life, there are so many few decisions that are actually black and white.
00:09:49.039 --> 00:09:50.159
I mean, let's be real.
00:09:50.320 --> 00:09:54.639
When you're asking questions to ChatGPT, it's usually yes or no answers.
00:09:54.960 --> 00:09:56.799
ChatGPT doesn't know your life story.
00:09:56.879 --> 00:09:59.120
It doesn't know your dreams, your ambitions, your struggles.
00:09:59.279 --> 00:10:05.519
It doesn't know how to respond to the answers behind that because it can only respond to that, you know, black and white yes or no question.
00:10:05.600 --> 00:10:06.960
So should we try it out?
00:10:07.120 --> 00:10:07.600
I think we should.
00:10:07.679 --> 00:10:08.639
I think we should roll play.
00:10:08.960 --> 00:10:10.960
We're gonna, we're gonna, what's called steel manning.
00:10:11.039 --> 00:10:15.200
We're gonna steel man ChatGPT and give it a question that it should be pretty good at, right?
00:10:15.279 --> 00:10:17.759
It's it's a mathematical black and white question.
00:10:18.000 --> 00:10:19.600
Should I buy or should I rent a house?
00:10:19.679 --> 00:10:27.039
And we're gonna keep the question vague because that's how the typical person will approach AI when they do it, use it as an advanced Google search.
00:10:27.200 --> 00:10:28.399
Should I buy or rent a house?
00:10:28.559 --> 00:10:30.320
Okay, this is something that should be okay.
00:10:30.399 --> 00:10:31.600
Can we ask ChatGPT?
00:10:31.679 --> 00:10:33.039
Should I buy or rent a house?
00:10:34.559 --> 00:10:35.039
Sure.
00:10:37.440 --> 00:10:38.879
Okay, here we go.
00:10:43.279 --> 00:10:44.320
It's thinking.
00:10:47.759 --> 00:10:49.600
Okay, so when buying makes sense.
00:10:49.759 --> 00:10:56.559
Your plan is to stay in the house for five to seven years, your financial foundation is strong, you want to build equity and wealth.
00:10:56.799 --> 00:11:05.200
When renting is a smarter move, you value flexibility, your financial picture isn't fully solidified, the market conditions are unfavorable.
00:11:05.279 --> 00:11:06.879
These are really good considerations, right?
00:11:06.960 --> 00:11:14.240
Like if you're looking at this, actually, ChatGPT is doing a pretty good job of telling you the different factors that should go into your decision, right?
00:11:14.559 --> 00:11:17.279
And so uh quick financial rules of thumbs.
00:11:17.360 --> 00:11:20.399
You know, if you want to stay in there for seven plus years, you should buy.
00:11:20.559 --> 00:11:23.600
If you're uncertain about the location, you should rent.
00:11:23.759 --> 00:11:25.600
These are not wrong, right?
00:11:25.919 --> 00:11:28.720
And then it even gets into the emotional and lifestyle check-in.
00:11:28.879 --> 00:11:31.200
Oftentimes you'll hear, oh, AI is not good at emotions.
00:11:31.279 --> 00:11:34.480
It's actually gonna ask you the question of like, well, what do you want, right?
00:11:34.799 --> 00:11:40.799
And so if you like, we can run the numbers rent versus buy and uh and do some calculators.
00:11:41.039 --> 00:11:44.960
Okay, I don't think that this is an awful response to that question, right?
00:11:45.120 --> 00:11:45.840
Would you agree?
00:11:46.000 --> 00:11:48.000
Like it's it's not it's not awful.
00:11:48.240 --> 00:11:52.799
Mike, I want to ask you as a human financial advisor the same question.
00:11:52.960 --> 00:11:58.240
And I just want to show, and and we're not being like again, we're steel manning ChatGPT right now.
00:11:58.399 --> 00:12:03.840
I just want to show the difference in the quality of the conversation I might have with you versus what I might have with ChatGPT.
00:12:03.919 --> 00:12:05.679
So, Mike, you're my financial advisor.
00:12:06.080 --> 00:12:07.440
Oh, what an honor.
00:12:07.600 --> 00:12:10.240
Um actually that that was pretty good.
00:12:10.320 --> 00:12:13.759
So if anyone is hiring, um I can do construction fitness.
00:12:14.639 --> 00:12:16.559
No, but should I buy or should I rent?
00:12:16.960 --> 00:12:18.080
So so let's role play.
00:12:18.159 --> 00:12:22.799
Like let me be your first year financial advisor as ChatGPT, right?
00:12:22.879 --> 00:12:33.200
And we're gonna walk through and we're gonna figure out kind of the financial scenario, if you're even able to buy a house, what area you want to buy a house in, what the price per square foot is, if it's the right time to buy in that area.
00:12:33.360 --> 00:12:36.320
Because that's you know, things that chat GPT can be pretty good at.
00:12:36.559 --> 00:12:39.679
So, Bo, do you have a job?
00:12:40.399 --> 00:12:41.039
For now.
00:12:42.080 --> 00:12:43.360
Do you have a stable income?
00:12:43.679 --> 00:12:45.519
For now, are you married?
00:12:45.759 --> 00:12:46.000
Yes.
00:12:46.159 --> 00:12:46.799
For now.
00:12:48.879 --> 00:12:50.559
Do you have any children?
00:12:50.879 --> 00:12:51.440
Yes.
00:12:52.399 --> 00:12:54.320
Do you your are your children in private school?
00:12:54.639 --> 00:12:55.360
No, they are not.
00:12:55.840 --> 00:12:57.200
Do you have any other dependents?
00:12:57.679 --> 00:12:58.879
I have no other dependents.
00:12:59.440 --> 00:12:59.759
Okay.
00:13:00.240 --> 00:13:01.519
Does your wife have a job?
00:13:01.759 --> 00:13:02.080
Yes.
00:13:02.399 --> 00:13:03.600
Is that a stable income?
00:13:03.919 --> 00:13:04.240
No.
00:13:04.639 --> 00:13:04.960
Okay.
00:13:05.519 --> 00:13:07.279
But you have money for a down payment?
00:13:07.519 --> 00:13:08.000
Yes.
00:13:08.639 --> 00:13:09.600
How much money?
00:13:10.639 --> 00:13:11.440
$200,000.
00:13:12.000 --> 00:13:13.279
So$200,000, right?
00:13:13.440 --> 00:13:26.000
So from from the information that I just asked, now I can probably go as Chat GBT, run some financial analysis, understand what you know you putting 20% down on a$1 million house would cost based on interest rates today, right?
00:13:26.080 --> 00:13:27.759
And call it a 30-year fixed loan.
00:13:27.840 --> 00:13:31.679
And then I could ask you the question, what's your gross income as a family?
00:13:31.840 --> 00:13:39.519
And I could take that and I can divide it by 12, and I could times it by 0.28, which will give me the ratio of whether you can really afford the mortgage on that house.
00:13:39.679 --> 00:13:45.440
And if that all comes back, and now I say, hey, Bo, you can afford to buy a house, right?
00:13:45.679 --> 00:13:52.320
What's now that you've gone through and done all of this, you're going to assume, I'm guessing, that that's the right decision for you.
00:13:52.399 --> 00:13:57.519
You're married, you've got a stable income, you're not planning on changing jobs or going anywhere, right?
00:13:57.600 --> 00:13:58.720
Your kids in school.
00:13:58.960 --> 00:14:02.159
All of these things would say, hey, we're going to be staying put, right?
00:14:02.320 --> 00:14:03.919
So buying a house would be okay.
00:14:04.480 --> 00:14:10.639
Now, let's switch to where I am your human financial advisor, Mike Rudeau.
00:14:10.799 --> 00:14:14.399
And and I've known you since your first episode of Doogie Howser, right?
00:14:14.480 --> 00:14:16.320
We've worked together for a really long time.
00:14:17.039 --> 00:14:25.840
Now, Bo, I know you've been married for 12 years, and it's been kind of a volatile marriage, and none of this is real, by the way.
00:14:26.000 --> 00:14:35.759
This is so and recently, you know, the last six months, you've told me that you guys aren't even sleeping in the same room.
00:14:35.919 --> 00:14:38.960
Anytime you guys try to communicate, it turns into an argument.
00:14:39.120 --> 00:14:43.360
You feel like you're more co-parents than you are, you know, a true couple.
00:14:43.919 --> 00:14:44.320
Right?
00:14:44.879 --> 00:14:47.600
And then talking about your kid, he's amazing.
00:14:48.240 --> 00:14:49.919
He's having a lot of trouble in school.
00:14:50.480 --> 00:14:58.320
He's been acting out, his grades are slipping, and it's not that he's not smart, it's not that he's not loving or caring or respectful.
00:14:58.559 --> 00:15:00.639
It's just this is a big school that he's in, right?
00:15:00.720 --> 00:15:02.080
There's 40 kids per class.
00:15:02.320 --> 00:15:10.080
And you've told me that you think it might be right for him and the best decision for your family to look at other opportunities, maybe private school.
00:15:10.159 --> 00:15:15.679
And I know cash flow is tight, but you guys might be able to do that if you just tweak a few things, right?
00:15:16.080 --> 00:15:17.840
And then talking about Danielle, right?
00:15:18.000 --> 00:15:19.200
Her stable income.
00:15:19.840 --> 00:15:22.399
She hasn't been happy in her career in a very long time.
00:15:22.559 --> 00:15:25.360
And she's been thinking, you know, I don't feel fulfilled.
00:15:25.600 --> 00:15:32.240
When am I going to be able to get, you know, the opportunity to bite my teeth into something that actually makes me feel whole?
00:15:32.480 --> 00:15:32.639
Right.
00:15:32.799 --> 00:15:40.399
And on the other side of that, she's also kind of resentful to you because she's always wanted to have a yard where she can host.
00:15:40.559 --> 00:15:49.200
She's wanted to host kids' birthday parties, she's wanted to have cocktail parties, and you just haven't been able to do that with the houses that you can afford to buy.
00:15:49.360 --> 00:15:49.600
Right.
00:15:49.759 --> 00:15:51.200
And then there's your parents, right?
00:15:51.440 --> 00:16:01.440
They're not dependent on you right now, but you've told me that your dad's starting to forget some things and your mom forgets that your dad forgets things, and they're on a very tight budget.
00:16:01.679 --> 00:16:12.320
And if anything happens to where they have a big hit to their their pocket, you're the only person who could step in and kind of help them through that those financial times.
00:16:12.799 --> 00:16:25.840
Well, now, when I look at what Chat GPT asked you, all yes or no questions, figuring out, well, yeah, it's probably a good idea for you to buy a house because you're married, you've got a stable income, you don't have any dependents, your kid's not in private school.
00:16:25.919 --> 00:16:33.759
But then the reality of that is when you talk to someone who knows you, all of those things are variables that could cause you to say, hey, I'm gonna step back.
00:16:33.840 --> 00:16:38.399
Maybe I shouldn't be putting$200,000 locking that up into a long-term mortgage.
00:16:38.639 --> 00:16:45.360
Maybe I need that money to help subsidize income because Danielle's gonna go get a new job and it might take a while.
00:16:45.519 --> 00:16:47.679
Maybe I need to help with private school, right?
00:16:47.759 --> 00:16:58.240
There's a lot of other things that need to be discussed that I don't think ChatGPT will be able to get to unless you have the wherewithal to tell ChatGPT all of these things.
00:16:58.320 --> 00:17:04.880
And are you gonna sit in front of a computer and say, well, I've got marital problems, my wife's telling me to sleep in another bedroom, right?
00:17:05.519 --> 00:17:06.799
So that's the reality of it.
00:17:06.880 --> 00:17:10.319
It's all about relationships, it's all about the relationships that we built over time.
00:17:10.480 --> 00:17:13.200
It's all about me knowing your goals, your dreams, your ambitions.
00:17:13.279 --> 00:17:15.839
And I know that sounds cheesy, but that's the reality of it.
00:17:16.559 --> 00:17:27.759
It it's it does sound a it does sound a little bit cheesy, but honestly, when you were telling me my story, which thank God that's that's not my situation, but I was I mean, that was a really emotionally moving story.
00:17:27.920 --> 00:17:48.160
And if you're sitting across from someone who you know and you're able to bring that type of heavy material up to help them make a huge financial decision, I think that is there's not a price that I would put on that, you know, to have basically a brother to walk through that those decisions with.
00:17:48.400 --> 00:17:53.039
And I think that's a different relationship than than what we have with with Chat GPT.
00:17:53.200 --> 00:17:53.279
Yeah.
00:17:53.440 --> 00:17:57.759
And I and I think an important fact on that too is at the end of the day, we're fiduciaries.
00:17:58.319 --> 00:18:02.240
We are here to help our clients make the best decision for them.
00:18:02.960 --> 00:18:03.279
Right.
00:18:03.440 --> 00:18:05.920
And sometimes that's not the best financial decision.
00:18:06.160 --> 00:18:09.519
Sometimes it's the best life decision, and it might cost them more, right?
00:18:09.680 --> 00:18:16.000
They might have to spend more, they might not be making as much money, but because we know them holistically, we know that that's going to be the right path forward.
00:18:16.160 --> 00:18:16.319
Right?
00:18:16.480 --> 00:18:18.079
AI is not a fiduciary.
00:18:18.319 --> 00:18:24.960
You're putting in information, it's giving you facts that it thinks are facts, but you're right, it's not acting on your best behalf.
00:18:25.279 --> 00:18:29.680
Yeah, and and we don't know, we don't know when it's right, because what's 65% of the time.
00:18:30.000 --> 00:18:33.200
And that was, you know, a pretty simple, a pretty simple question.
00:18:33.440 --> 00:18:36.240
If we had more time, we would go into more complex questions.
00:18:36.319 --> 00:18:40.480
It's like a one would be should I quit my job and start a business, right?
00:18:40.559 --> 00:18:49.839
If you were talking to Daniela in this hypothetical, that I mean, that would be a much more in-depth, right, excruciating conversation that would take months and months and months to do that.
00:18:50.079 --> 00:18:50.319
Absolutely.
00:18:50.400 --> 00:18:57.440
Because someone that's never been a business owner, but have heard from their friends, oh yeah, I know this guy and he just sold his business for 30 million and now he's starting a new business.
00:18:57.599 --> 00:19:00.480
It's probably like they're thinking, why don't I a business owner?
00:19:00.640 --> 00:19:02.319
Why don't I just quit my job and start a business?
00:19:02.400 --> 00:19:07.839
And it's like, okay, there's a lot to talk about when you're when you're considering that route.
00:19:08.079 --> 00:19:22.400
And it it is important to have a team around you and people with experience who have worked with business owners, who have been with people who quit, you know, a guaranteed paycheck to go and and take a risk on you know starting something from scratch.
00:19:22.480 --> 00:19:23.680
So I think it's wonderful.
00:19:23.759 --> 00:19:25.839
I really like how you illuminated that, Mike, truly.
00:19:26.000 --> 00:19:32.400
Um, and and just to kind of bring it back to how Morton Wealth is treating this scenario, how we're using AI.
00:19:32.640 --> 00:19:38.799
One thing that I want all of our clients to know is that we're not using AI in training ourselves how to how to know financials.
00:19:39.119 --> 00:19:46.880
We're actually being very analog about you have to know financial advice to become a financial advisor at Morton Wealth.
00:19:47.039 --> 00:19:50.880
We don't we don't rely on AI to help answer your questions.
00:19:50.960 --> 00:19:59.839
And so that I think is the number one thing that I want our clients to walk away from today is that we value the human expertise so that we can use the tool well.
00:20:00.000 --> 00:20:15.440
And then that the emotional expertise is just something that we put such a heavy premium on, you know, like we the people who we tend to attract at Morton Wealth tend to be people who can have those very honest, emotionally heightened conversations with their clients in a really helpful way.
00:20:15.680 --> 00:20:16.640
Yeah, no, I agree.
00:20:16.720 --> 00:20:20.000
I we've done a good job of embracing AI, right?
00:20:20.160 --> 00:20:24.160
And I would be lying if I said AI hasn't made us a better organization.
00:20:24.400 --> 00:20:29.920
It really has, but it hasn't replaced human behavior and human judgment, and I don't think it ever will.
00:20:30.559 --> 00:20:32.319
We call it the cyborg advisor now.
00:20:32.480 --> 00:20:34.880
You know, you want to be like half machine, half human.
00:20:35.039 --> 00:20:40.079
That's like the perfect sweet spot where you know how to use the tool really well, but but you're not a robot.
00:20:40.319 --> 00:20:43.039
So that's what we had to say about AI today.
00:20:43.200 --> 00:20:44.079
I hope you enjoyed it.
00:20:44.160 --> 00:20:47.119
If you have any questions, come up and ask Mike anything you want.
00:20:47.279 --> 00:20:49.039
He is an expert in many, many fields.
00:20:49.200 --> 00:20:50.400
So thanks for joining us today.
00:20:50.640 --> 00:20:51.599
Thank you guys.
00:20:51.920 --> 00:20:52.559
Wow.
