Artificial intelligence has emed
as a transformative technology that's
being used in a variety of fiel,
including the finance industry.
Alex Harmsen is the CEO
of Global Predictions,
a free wealth management platfo.
He joins us now to discuss this further.
Good morning, Alex,
and thank you for your time.
Great to be here. Good morning,
Alex. How is AI helping build wealth?
And we've been working on this problem
for like the last four or five years.
And ultimately we think the rigt
approach is not just you know st
of black box A I language models
and it's not traditional financ,
but really the merging of the t.
And so like we've really pioneed
something that we call hybrid AI
models within the finance worldd
we think it's both makes for moe
accurate forecasts and predictis
and understanding and analysis,
but it also allows for this lik.
Hyper personalization of financ.
And so we like to think that you know
the era of you know sort of stad
wealth management financial advr
portfolios is over and our systm
basically takes individual preferences,
you know according to your goal,
your current portfolio tax situations,
you know anything that might actually
impact you know your wealth cren
and then matches it up with thee
powerful models in the back end.
To allow you to, you know,
chart a better course to,
you know what you should do tody
and next month and you know,
over the next couple years,
I can imagine that the technoloy
is helping save a lot of time by
analyzing the data and capturing
the relationships between data .
So Alex, what should consumers w
about AI when it comes to inves?
So what are the downfalls?
Cuz we've heard about incidents where AI
isn't exactly spot on in other industries.
I think anytime you're dealing ,
you know, something as important
as money or health or legal adv,
you know, you start,
you know you start running at the problems
with a IS hallucinating or even you know,
knowledge cut offs, right?
Like even if we're talking abou,
you know, very popular apps like Chat,
GPTG, PT4, you know those traing
sets only really go up until,
you know the end of 2021.
And as you can imagine,
a lot has happened over the last
two years in the finance world.
And so I guess this is where like I think
you have to be really careful about just
trusting what an AI system is telling you.
And so we like to think
that we help you know,
cross that gap and you know,
marrying up sort of the traditil
finance models together with the
AI through this hybrid approach.
But I absolutely,
I think that you know,
I don't know similar to talking to you know,
your cousin and you got to think you know,
is this person really informed,
do they have all the latest?
You know all latest knowledge at
what's going on and you know its
worth verifying with other sour.
And Alex Fineman, your company
just launched portfolio Pilot
on ChatGPT, how does that work?
Yeah, so we, you know,
global predictions.
The company portfolio pilot is
our consumer product that we've
opened up for free to anybody.
Two years ago we launched it.
We've been working with thousands of users,
billions of dollars on you know,
of assets on the platform.
Just a couple weeks ago we laund
within ChatGPT as a plugin.
And so you know some of these
problems that I mentioned with e
ChatGPT platform that there's a
knowledge cut off and it hallucinates
sometimes it makes up, you know,
numbers not that good at math and modeling.
You know,
basically you could go to the plugin store,
install it and you know within
seconds you can pull in the
latest stock price information.
Or you know,
probably the most popular featue
that we have is literally you c,
you know, go to your Fidelity account.
Copy and paste your portfolio and get
a AI assessment of your portfol,
what's working, expect the retu,
risk, you know,
downside protection,
specific recommendations on how to improve
that and we found that to be incredible.
We actually learned a tremendous amount.
There's something about
having just an open text box,
the context of your portfolio and being
able to ask any question that is you know,
forced us to go back to the drag
board and on a number of features and
way that we think about our pro.
To address what people really
want because ultimately, you kn,
we want to be a coach for people
along the process.
You know,
we think the era of money managers and
wealth managers not quite over .
But you know, it's in its final days where,
you know, I think there's a,
there's a new type of advisor in Tom.
All right.
AI hallucinating.
That's what I'm taking out of t.
And don't trust your cousin. Ri.
Alex Harmsen with global predictions.
Thank you so much with. For your time,
thanks for having me on. Have a good day.
Have a good day.