Dillon underscored Shadforth’s ambitious plan to double its service capacity from 10,000 to 20,000 families over the next four and a half years. Achieving this goal requires embracing technology, particularly AI, to supplement human effort. MLC Expand CEO Liz McCarthy echoed this sentiment on the same podcast, suggesting that AI's ability to automate repetitive tasks can free up advisers to focus on client interactions, thereby potentially enhancing clients’ financial literacy.
McCarthy elaborated on AI's potential to support clients in navigating financial complexities and aligning them with necessary regulations. Dillon pointed out the gap in current commercial models for educating large populations on financial matters, highlighting AI’s capacity to do so efficiently and affordably.
Despite older clients generally possessing sound financial knowledge, Generation Z remains largely underserved, facing challenges like lack of confidence and awareness about financial planning for retirement. This demographic could significantly benefit from targeted financial literacy programs powered by AI.
The advancement of AI not only offers the possibility of tailored educational programs but also allows advisers to allocate more time to client engagement, potentially reducing fees and expanding reach to demographics in need of enhanced financial literacy.
