(Yahoo!Finance) - Instead of raging against the machine, serial entrepreneur Adam Dell is encouraging us to embrace AI in financial planning.
“[It] is going to pervade every aspect of our economy,” the Domain Money CEO told Yahoo Finance Executive Editor Brian Sozzi on Yahoo Finance's Opening Bid podcast. “These tools are so powerful.”
The financial services industry has already begun to benefit from what AI can offer.
A study from Ernst & Young revealed 99% of financial services leaders used AI in some manner, while 77% of executives saw generative AI as “an overall benefit to the financial services industry in the next five-to-10 years.”
AI is seen as a tool by wealth management platforms to personalize client services, assist with gathering information to meet regulatory requirements, and help firms stand out and land more assets under management.
Regarding financial planning and its relationship to AI, humans are likely to stay in control of the most important parts, Dell said. But AI will make interactions easier and quicker.
“Document parsing and data extraction is already being totally reinvented by AI,” he said. AI can already remove “three to five hours of manual work” by extracting the salient information up front.
He also noted that AI could give traditional financial software a run for its money.
“I think AI is going to completely disrupt that whole ecosystem,” Dell said. “You can generate financial plans quite quickly with AI.”
Dell is the brother of Michael Dell, founder of Dell Computers (DELL). His career mission has been to make finance a more appealing and accessible subject for more people.
During his tenure at Goldman Sachs, he was involved with the development of the now-defunct Marcus, which focused on financial services for everyday consumers.
At Domain Money, he furthers that mission by offering consumers customized financial planning, making advances in AI a great fit for his firm.
“AI is so accessible to anyone,” he said. “Literally anybody with a computer can access a technology stack and a level of capital expenditure that was previously completely inaccessible to them. That’s going to yield enormous opportunities.”
Adam isn’t the only member of the Dell family who is high on AI and its future.
At Citi Global’s TNT Conference earlier this year, Michael Dell shared with Sozzi that AI development was already increasing demand for Dell's computers and servers.
"What organizations are seeing is this is a historic opportunity to make their businesses way more productive and efficient, while at the same time, kind of reimagining them given all this capability," he said.
