Well said, Ross. At last year's FPA conference one of Fidelity's leaders in the technology space postulate how AI would help us be more effective at serving our clients. As I viewed the very well-researched presentation it occurred to me that I could easily double the number of clients served while providing the same quality of service. Too often I hear how AI will replace us. Perhaps, but that could be centuries from now. In my experience many clients have difficulty answering fairly direct questions and aren't apt to spend the time to fill in all the blanks. And no client I have ever served knew what I know about the laws and rules and sources and approaches to their problems.
Smart people hire qualified professionals to do complex things for them. I hire woodworkers, electricians plumbers, auto mechanics, etc. because they know what they are doing. I probably could learn how to do all those things, but I haven't the time. The varied client situations and solutions are far more complex than some big data array to be tapped. Someday computers may do many of these things for people, but that is a long way away.