This Week on The Fuse Show, Natalie and Brian are joined by Jason Pereira, Partner and Senior Financial Consultant at Woodgate Financial. Jason began his career in the financial industry in 1997, in the brokerage business, and has been with Woodgate Financial since 2007. Committed to the betterment of the industry, he volunteers with the Financial Planning Standards Council and mentors several entrepreneurs. In addition, he is also a Lecturer at the Schulich School of Business at York University where he teaches financial planning. He contributes regularly to the Globe & Mail's 'Financial Facelift' section and he hosts his own podcast on Financial Technology called 'Fintech Impact.' Lastly, he writes 'The Wisdom of Wealth Management' blog and is a prolific podcaster and public speaker. Over the course of his career, he has received: • Masters of Business Administration (MBA) • CFA Charterholder (Chartered Financial Analyst) • Certified Financial Planner (CFP) designation in both Canada & the US • Registered Financial Planner (RFP) designation • Trust & Estate Practitioner (TEP) designation • Financial Management Advisor (FMA) designation • Certified International Wealth Manager (CIWM) certification • The Personal Financial Planner (PFP) designation • Fellow of the Canadian Securities Institute (FCSI)

SHOW NOTES

Tune in this week to learn more about Generative AI from Jason Pereira of Woodgate Financial. In particular, we will discuss how to counsel advisors on how to not let fear takeover when it comes to AI and how they can best implement AI-powered tools in their practice. In addition, we take a look at some of the unique risks that AI presents for the financial services industry, and beyond, as well as how we can best insulate ourselves and our practices from these risks.

Key Takeaways

  • [05:22] - What got Jason interested in AI, and drew him in, originally?
  • [06:16] - What are some of the reasons behind why some financial advisors are hesitant to adopt AI?
  • [10:35] - What guidance would Jason give to advisors to not let their fear take over when it comes to AI?
  • [13:28] - What other use cases, from an Assistive angle, does Jason see for AI in the financial services industry? Also, how does Jason  see AI transforming the industry going forward?
  • [20:23] - What can AI do, if anything, to deepen the level of personalization that advisors can implement for each of their clients?
  • [27:27] - What are some of the downsides and risks of AI?
  • [29:35] - Is there anything we can do as individuals, professionals or a society to insulate ourselves from the unique risks that AI presents?
  • [35:56] - If Jason could give listeners one takeaway for how to start engaging with AI, what would it be?
  • [37:08] - Should we be looking to other industries, and how they use AI, for inspiration?
  • [40:13] - If Jason could snap his fingers and make it happen, what futuristic technology tool would he most wish for in the financial services industry?

Quote

[06:23] - "The one reason to be hesitant [about AI] is surrounding things like security and privacy. That should always be your first and foremost concern. I’ve seen advisors talk about things like ‘oh, I did this with my client’s information in ChatGPT.’ That’s an open protocol, that other parties have proven they can actually extract other peoples’ personal information from, so you should not be doing that flat out…If you are going to work with any kind of protocol…or any kind of AI, security has got to be a first and foremost, paramount concern especially when we are talking about client data." ~ Jason Pereira

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