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Instead of going against the machine, serial entrepreneur Adam Dell encourages us to embrace AI in financial planning.
“[It] will permeate every aspect of our economy,” Domain Money CEO told Yahoo Finance Executive Editor Brian Sozzi on Yahoo Finance’s Opening Bid podcast (video above; listen below). “These tools are so powerful.”
The financial services industry is already starting to benefit from what AI has to offer.
An Ernst & Young survey found that 99% of financial services leaders used AI in some way, while 77% of executives saw generative AI as “an overall benefit to the financial services industry in the next five to ten years.”
AI is seen by wealth management platforms as a tool to personalize client services, help gather information to meet regulatory requirements, and help companies differentiate themselves and gain more assets under management.
When it comes to financial planning and its relationship with AI, humans will likely remain in control of the most important parts, Dell said. But AI will make interactions easier and faster.
“Document parsing and data extraction are already being completely reinvented by AI,” he said. AI can eliminate “three to five hours of manual work” by extracting the most salient information in advance.
He also noted that AI could give traditional financial software a run for its money.
“I think AI will completely disrupt that entire ecosystem,” Dell said. “With AI you can generate financial plans quite quickly.”
Dell is the brother of Michael Dell, founder of Dell Computers (DELL). His career mission is to make finance a more attractive and accessible subject for more people.
During his tenure at Goldman Sachs, he was involved in developing the now-defunct Marcus, which focused on financial services for mainstream consumers.
At Domain Money, he furthers that mission by offering consumers customized financial planning, making advances in AI a great fit for his business.
“AI is so accessible to everyone,” he said. “Literally anyone with a computer has access to a technology stack and a level of capital expenditure that was previously completely inaccessible to them. That will create enormous opportunities.”
Adam isn’t the only member of the Dell family who cares deeply about AI and its future.
At Citi Global’s TNT conference earlier this year, Michael Dell shared with Sozzi that AI development was already increasing demand for Dell computers and servers.
“What organizations see is that this is a historic opportunity to make their businesses much more productive and efficient, while at the same time reimagining all these possibilities,” he says.
Three times a week, Yahoo Finance Executive Editor Brian Sozzi fields full of insights and chats with the biggest names in business and markets Opening bid. You can find more episodes on our videohub or check your favorite streaming service.
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