Imagine having a personal assistant who could handle all those tedious tasks we often put off – like booking your holiday or arranging your life insurance and wills. That’s essentially what AI or Artificial Intelligent agents aim to do, amongst other things. Let’s take a closer look at what they are, their potential impact and what you need to look out for as a consumer. Don’t worry if you’re not tech-savvy – we’ll break it down in simple terms.
Simply put, AI agents are clever computer programs designed to take care of complex tasks on our behalf. At least that’s what silicon valley is promising and working towards. The brilliant part? You won’t need to give them detailed instructions. Simply tell an AI agent what you need done, and it will work out how to do it, even communicating with other AI agents if necessary. For instance, you could ask it to find you a car insurance policy, and it would search for options, compare prices, and potentially even negotiate terms for you.
The impact of AI agents on our daily lives and the global economy could be truly transformative. Jensen Huang, the CEO of Nvidia, recently stated, “AI agents are a multi-trillion dollar opportunity.” Mark Zuckerberg, the chap behind Facebook, thinks we’ll soon have more AI agents than people on Earth! Companies like Google and OpenAI are working hard to develop these tools.
By 2030, AI agents are expected to enhance global GDP by 26%, underlining their significant influence on economic activity. The market for AI agents is projected to grow from $5.1 billion in 2024 to a staggering $47.1 billion by 2030, with a compound annual growth rate of 44.8%.This growth isn’t limited to a single sector. AI agents are set to impact various industries:
While this all sounds rather marvellous, it’s important we consider the potential risks:
While AI agents show potential in handling tasks like budgeting and maybe even basic financial planning in the future, it will be unlikely that they would replace the nuanced support of a financial adviser. Advisers offer perspectives that go beyond data: emotional intelligence, a holistic view of your financial situation, ethical considerations, adaptability to life changes, and a personal accountability that AI inherently cannot provide.
As we embrace the benefits of any new technology, we remain dedicated to ensuring that your unique financial journey is at the forefront of our strategy. We’re here to answer your questions and help you achieve your goals. Your financial wellbeing is our top priority.
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Nick Shanley, Steve May, Luke Styles and Shanley Financial Planning T/A Steve May Financial Services are Authorised Representatives / Corporate Authorised Representative of Sensibly Pty Ltd, AFSL 533923. Please refer to our website at www.stevemayfs.com.au to reference our Financial Services Guides.
Shanley Financial Planning Pty Ltd trading as Steve May Financial Services (ABN 19 612 825 180) is a Corporate Authorised Representative of (1265706) of Sensibly Pty Ltd (AFSL 533923)
Nick Shanley, Steve May and Luke Styles are Authorised Representatives of Sensibly Pty Ltd (AFSL 533923)