I am pleased to hear that the dreary work of white-collar staff is going to be taken from them by software.
If a blog of podcast can be better written or delivered by software already on my computer but upgraded to answer my questions- good!
What I am asking that can be answered could and should be almost everything about money, what that leaves me is the delight of knowing how I can live my life and what I can do with the time that I have been handed back.
And what it will do is to winnow out the value of the financial services we pay for so that we get value for 0ur money. This includes advice.
Thanks to Emma Dunkley, Mary McDougall and Emily Herbert for this.
Shares in the UK’s largest wealth managers tumbled on Wednesday over concerns about potential disruption from a new AI-led investment tool. St James’s Place, Britain’s biggest wealth group, fell more than 13 per cent after US-based wealth management platform Altruist launched a tool to help financial advisers personalise clients’ investment strategies.
Collegia for growth
And to suppose workplace pensions aren’t to benefit is churlish. I work closely with a workplace pension run by Collegia that has built up 5,000 young businesses that it has built a payroll for and which comply with the workplace pension regulations using software almost totally through artificial intelligence. 50,000 people are building up pots for the future and their companies have outsourced the problem of retirement provision to software.
To suppose that this level of automation cannot become the normal in terms of interfaces between pension schemes and employer and their staff is ludicrous. The future is with firms like Collegia and with other new players who put technology at the beginning, middle and end of processes. I think of Lumera who are taking over work begun by ITM and delivering success in Europe and now the UK.
These are organisations that are not hidebound to the past but open to the kind of future that Mustafa Suleyman plots.
I am one of more than 500,000 people who follow him, because he built DeepMind and now is building Microsoft AI.
To suppose that I would not want to follow the path he is creating is ludicrous and to imagine a pension system by 2030 that is not aspiring to the future that Collegia, Lumera and others are uncovering today, is short-sighted in the least.
I have written recently about the FCA’s wish to help those offering products built to deliver using AI. It is right that regulators review what they are doing to take into account a new world that is not about to arrive but is already here. This includes the Pensions Regulator.
There are of course parts of what we do that cannot yet be outsourced to the software that we already use. But why be the Luddites of the mid 21st century and deny machines the opportunity to take away our dreary work?
