Approaching technology with excitement opens up opportunities

What would happen if you decided to focus on the positives in the media instead of the negatives? Angus Hervey did just that. He made a decision to no longer give in to the fear incited by a constant negative news cycle, and instead look for people who were working to make the world a better place.

“Then a funny thing started to happen. By changing the way the world looks, I started seeing the millions of solutions,” said Hervey, a political economist and journalist who specializes in the impact of disruptive technologies on society. “I realized the global media radar was broken. It had only been picking up the problems.”

Tané Hunter agrees that how you see the world depends on the perspective you choose. One area where this is especially pertinent for financial advisors is technology.

“What would it feel like if we approached technology not from a place of fear, but from a place of optimism, wonder and excitement?” asked Hunter, a cancer researcher and bio-information scientist. “That’s when we open ourselves to new possibilities.”

Artificial intelligence in the financial services industry

Studies suggest there is $1 trillion worldwide exposed to disruption by artificial intelligence in the financial services industry, Hunter said. “You can choose to be scared of technology and overwhelmed by the pace of change. But if you want to stay competitive and relevant, this is an essential tool you need to embrace.”

It’s natural to wonder if you’re going to be replaced, but the successful advisors will be those who embrace technology, Hervey and Hunter agreed.

“It’s no longer man vs. machine. The emerging third wave of investment managers are small managers taking advantage of recent advances in artificial intelligence and machine learning, combined with an explosion in data availability, to generate alpha at a fraction of the cost of traditional managers,” Hervey said.

“There’s an incredible opportunity here. If you embrace this technology now, you’ll be able to get a headstart in the next economy,” Hervey said.

“You don’t have to be a big firm to benefit,” Hunter said. “All you need is an internet connection and a bit of good old-fashioned curiosity.”

Presented at the 2018 Annual Meeting in Los Angeles, California. Read more about innovations in Tips & Technology 

Written by Liz DeCarlo, Round the Table editor

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