Generative AI is coming to wealth management in a very big way, says Ritholtz's Josh Brown

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[Qlair]

When clients see AI outperform their human counterparts their reluctance may fade..

[_davidturner]

AI stocks will dominate 2024. Why I prefer NVIDIA is that they are better placed to maintain long term growth potential, and provide a platform for other AI companies. I have made more than 200% ROI from NVIDIA with the assistance of my fa, I won’t fail to mention. I agree the stock would go higher in the next couple of days.

[MaraRacks]

Yeah! I'm really struggling to read charts, watched an almost 2 hour tutorial on how to trade options, but I still don't really get it. I really want to learn how to properly do it. I have about $110k set aside to create a good portfolio. I'd appreciate any reliable inputs...

[Omikoshi]

It won't replace humans in the near term but there will be 1 human serving 100 clients instead of 10 humans serving the same. 9 will be out of a job.

[rikmeistr]

Charles Schwab’s ‘Themes’ is an example.

[AlanSmith]

All I hear is what AI can do, but NEVER HOW IT can do these things. Sounds like a bloody pipe dream that’s many years away. We can’t even create a software program that allows us to autonomously drive cars safely, let alone anything else more complex.

[incipidsigninsetup]

If you have generative AI engaged in the personal needs of the individual, then these brokerages aren't needed. Why give 2% to these guys when the information you're receiving in real time to your AI is the same as theirs?

[SimonStormFrigon]

That smile from Josh speaks for itself... he knows lol

[hangender]

Hopefullu ai improve Cathy and Cramer's trading

[imacuser]

Yall aren’t looking at this correct. Anything with predefined rules, are easy to understand and leverage. I am sure there will still be a human element to things but saying so because you have to take into account taxes and more things than just stocks, is a little short sighted. If someone came to a wealthy individual and said we can guarantee the same returns with a lower management fee, all of the same perks and we can tailor your investments directly on your beliefs, I don’t feel people will stay. Even if they do, within a very short time span, maybe 10 years, all that will matter is the face you interact with and there won’t be anyone else at the firm. I just don’t buy a nonseismic shift, I think people are much worse than machines because they cost money, need vacation, complain and will try to leave with your clients. The future is changing fast, it’s best to prepare people for it.

[ronsilva]

It sounds like the same sort of argument meant to alleviate the fear of the US losing jobs to China and third world countries. How did that work out for US jobs ?

[billmoyer]

robots can read a teleprompter faster than this guy

[rustinjarrell]

People have already found themselves talking on the phone to an AI without knowing it.

[kuniouemura]

UiPath (NYSE:PATH), an Artificial Intelligence automation processing software is the future of robotics.
Software technology that will make it easy to build, deploy, and manage software robots that emulate human workflow.

Based on 16 Wall Street analysts, price forecasts for UiPath Inc. (NYSE:PATH), there’s a high estimate of $30.00, representing a potential +35% increase from the last price of $22.23.

[RM-nmxn]

I love Josh, but he has skin in the wealth management game and that is blinding him to the fact of AI. Rich people may want a personal touch, but Rich people like to save money on fees too. When they see how accurate and predictive AI is relative to humans, most of them will opt for AI, with only an annual "human" review. Financial people and analysts are about to be layed off in the next few years in a very big way, guaranteed. Their jobs will shrink dramatically, and the fees they can charge will shrink too!

[jakezog]

Seems like a clickbait title to me. The gentleman was talking more broadly about AI which can encompass regression models, Reinforcement Learning, and generative AI like ChatGPT and Stable Diffusion.

The hype train is pulling into the station again because ChatGPT can do amazing at NLP tasks.

[esyjournal]

I think Josh makes a good point and is totally right with regards to the exaggerations around replacement. Ai will augment existing experts. It won't turn juniors into a guru, although it could help them DO MORE and learn faster.

[christiannoname]

Better a good AI robot than a bad physical advisor 😂

[Chris-ktok]

Absolutely the AI makes the “Advisor” better because AI can do a FAR BETTER job than the advisor. Like someone working at a register tells you the price of your groceries because she scanned all the prices.

[ericyasunaga]

Quant tools/subscriptions will soon be available to retail investors. Thus, allowing for personal due diligence against stock recommendations offered by top-shelf financial experts.