Understanding AI and what it means for advice

Artificial intelligence, the metaverse… these are just some of the ever-present terms explained in this week's ifa Show podcast. Host Maja Garaca Djurdjevic is joined by Dr Catriona Wallace, the executive director of the Gradient Institute, Adjunct Professor at the Australian Graduate School of Management, and the founder of the Responsible Metaverse Alliance. Dr Wallace speaks about artificial intelligence, its pervasiveness in everyday life and why advisers need to pay more attention or risk being left behind. "In an average adviser's job, there's probably about 40 per cent of just mundane, admin, routine tasks that could in fact be done by an artificially intelligent machine software," Dr Wallace says. "We also know, on average, that an employee spends one day a week searching for information they need to do their job. AI can come in as almost a subject matter expert to provide information to advisers that they need to their job." Addressing fears that AI will replace jobs, Dr Wallace clears up the misconceptions. She also delves into the metaverse, what it is, what it means and why advisers should take note.