98: Artificial Intelligence in Wealth Management

An episode of the Conversations with Institutional Investors podcast, hosted by Investment Innovation Institute [i3], titled "98: Artificial Intelligence in Wealth Management" was published on April 17, 2024 and runs 61 minutes.

April 17, 2024 ·61m · Conversations with Institutional Investors

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Episode Description

In episode 98 of the [i3] Podcast, we are speaking with Will Liang, who is an executive director at MA Financial Group, but is also well-known for his time with Macquarie Group, where he worked for more than a decade, including as Head of Technology for Macquarie Capital Australia and New Zealand. We discuss the application of AI in financial services and wealth management, ChatGPT and how to deal with AI hallucinations.

Overview of Podcast with Will Liang

02:30 When I was young I contemplated becoming a professional Go player

05:00 2016 was a life shattering moment for me; Lee Sedol was defeated by AlphaGo

07:00 I think generative AI will be a net positive for society

08:30 The impact of AI on industries will not be equally distributed

15:00 Brainstorming with ChatGPT or Claude

16:00 AI might help us communicate better

19:00 AI hallucinations are actually a fixable problem

22:30 Myths and misconceptions in AI

27:00 Most of the time when ChatGPT doesn't work is because we are prompting it in the wrong way

28:30 Thinking Fast & Slow; AI is not good at thinking slow

29:00 Losing our jobs to AI? It is important to distinguish between the automation of tasks versus the automation of jobs

35:00 When implementing AI, look at where your data is and try to bring your application closer to the data

39:00 Don't trust any third party large language model, instead deploy an open source model into your own cloud environment

43:00 You ask ChatGPT 10 times the same question and it will give you nine different answers. That is a problem.

45:00 Deep fake is a real problem

50:00 Future trends: AI agents

53:00 Generative AI will be more of a game changer for private markets than public markets

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