Artificial intelligence is revolutionizing the world of Financial Advising

We know that artificial intelligence is revolutionizing the world of work. What is less known is that almost all areas will be impacted. If we take the world of insurance for example, today, artificial intelligence makes it possible to extract the important information contained in a file but also to analyse the type of claim involved, and to understand if it is or not covered by the insurance policy. All this is done without the slightest effort and without incurring the slightest cost. Artificial intelligence is also capable of sorting out relevant data, which can then be imported into a complaints database, helping agents to initiate the appropriate complaints process. However, artificial intelligence has limits and in the end, at least for the time being, the final decision is still human. In the world of finance and more specifically with regard to the work of financial advisers, banks and other financial institutions are constantly increasing their investments. Artificial intelligence reduces the tedious work of understanding the context and frees up time for advisors, allowing them to focus on value-added tasks. Artificial intelligence has its limits it is a reality, but it also makes it possible to reduce human errors, to accelerate the speed of responses and thus the satisfaction of the customer. Artificial intelligence is there to assist the advisor in his decision-making by identifying any inaccuracies, the risks of fraud, and by optimizing the relationship between profit, profitability and customer satisfaction. Hedge funds are using AI to beat the stock market, Google is utilizing it to diagnose heart disease more quickly and accurately, and American Express is deploying AI bots to serve its customers online.

Should a 70 years old French women use the same financial advisor as a 20 years old German man?

Should a 70 years old French women use the same financial advisor as a 20 years old German man? The question says it all. However, the response is not that easy to formulate. In fact, we would respond yes but no. It really depends on several factors. If both of these persons are looking for a financial advisor that would look after all their finance-related matters, there is absolutely no doubt whatsoever that the response will be no. In fact, in order to provide the best advice to a retired person living in France, the financial advisor should be well aware of the French legislation (or one could argue that he or she should even be French since the French legislation regarding taxes and other types of investment is extremely complex). The same goes for the 20 years old German man who should seek advice to a German advisor (legislation slightly less complex than the French one but still extremely hard to deal with for non-German advisor). So regardless of the age and professional situations, the only fact that these two persons live in different countries means that they should have different financial advisors. However, there is a clear case where these two very different profiles could use the same financial advisor. This case happens when these investors are looking for international investments. Our list of the best independent financial advisor takes into consideration this skill. In our views, investors nowadays cannot limit their investments to their local market. That is why our table takes into account among other criteria multilingual skills associated with top client services

Choosing the right financial adviser

One of the top goals of our blog is to help clients to choose the right financial adviser. This is not an easy task for sure. However, if you keep in mind the below key points you should be able to avoid the biggest mistakes some people do when selecting their financial advisors. Key point 1: Ask you the following question: Do you really know who the person who manages or will manage your investments? You do not need to know the person who will manage your assets well but you need to be sure that you know if this is the same person that you are talking to when you have questions. Do not hesitate to ask your financial adviser if it will be him or her who will directly manage your portfolio. Key point 2: Never consider your financial adviser as a friend. Your financial adviser does not work for you for free and she or he is not your friend regardless of what he or she can say. Vigilance is always needed to avoid scams. Key point 3: Before investing, investigate!! Questions that you need to ask your financial adviser include the below: 1. What degrees do you have? A degree in an investment-related field from a top school should be required. 2. What are the fees and the fees system? Here we want to have a clear answer. 3. Can you explain me your general investment strategy? In our next entry blog, we will review the questions that you need to ask yourselves before choosing a financial advisor.