Hall argued that while AI software can manage tasks typically handled by human advisers, including making decisions and discussing options, the emotional connection in financial advising cannot be fully replicated by machines.
ASIC's report highlighted that licensees are cautiously integrating AI in financial advice, primarily enhancing human decision-making. However, there are significant risks, such as algorithmic bias, that must be addressed.
Cassidy noted that although AI can support financial advisers by saving time and offering data-driven insights, certain aspects of retirement planning still require the empathy and understanding that only humans provide.
The partnership between humans and AI is seen as essential for the future of financial advice, as money management is intrinsically linked to human emotions and personal circumstances.
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