Transcript
Speaker: Everyone dreams of living an uncommon life and the best asset you have to achieve your dreams is you. Welcome to the Uncommon Wealth Podcast.
Speaker: We're going to introduce you to people who are living uncommonly. We're also going to give you some tools and strategies for building wealth and for pursuing an uncommon path that is uniquely right for you.
Speaker: Hello and welcome everybody to another episode of the Uncommon Wealth Podcast where I'm your host Philip Ramsey and today gotta give a shout out to my son Beckham Ramsey. asked him today what I should do a podcast on and he said, how will AI influence financial services industry in five to 10 years and what does that mean for your job?
Speaker: which I feel like is a valid question from a son. And everything he does is probably AI and how is that gonna take over industries and how that's gonna impact his life.
Speaker: I think it's a valid concern and it's also some pretty good podcasting material. So I gotcha, this is what I thought. And I haven't done a lot of thought about this. Like I haven't really thought about exactly the ins and outs of AI, how it can impact our industry or the world. I guess I should shouldn't say that.
Speaker: I have thought about this and I've thought about it a lot. So much so that when Cody first came to this company, it was about a year ago, and he came into my office and he was like, Philip, I just read an article and financial services is one of the top 10 industries that AI is going to take over.
Speaker: And I remember telling him, I love that statistic. He's like, no, no, no. He's like, we're not to have a job. And I was like, oh, we'll have a job. We'll have a job because I feel like no one can actually take the human relationships out of like the industry.
Speaker: That's what I feel like we do one of the best and that's our superpower is relationships. We know our clients inside and out and just because it makes sense on piece of paper to do something financially doesn't mean psychologically and from the human relationship that's the right answer.
Speaker: And so for me, I was always super excited about what AI can do and how it can impact the industry. Another point happened is I love giving people a recap of our meetings. One, what did we talk about? What was things that you said you were gonna do? What were things that I was gonna say I was gonna do? And I love giving people an email recap.
Speaker: And it took me probably 35 to 45 minutes each recap that I was doing after a meeting. And when I heard that there was an AI company that was helping financial services industry specifically help do recap emails, I was like, shut up and take my money.
Speaker: Like, help me. And so I invested in that software and to this day we use this software to help us write a recap email of what did we talk about, what is something that you said you're gonna do, what's something that I said I'm gonna do, and let's talk about this and here's the next meeting, here's the notes.
Speaker: I was super excited about it. And that was kind of my point to Cody is we're gonna utilize all the things, I shouldn't say all the things, as much things as it makes it interesting that we can have better relationships for our clients. We're gonna utilize as much as we can of AI to make us as good as we can be for our clients.
Speaker: and then we're going to have that personal relationship that ai just can't have now i know there's a lot of things and they're talking about having your best friend be an ai bot but there is something different about having a human interaction why because we're imperfect and that is what i think people are drawn to and yearning for and I think there was ah industry change a while ago when you started getting telebots or When you called in you started getting auto recordings of like if you want Service press one if you want sales press two and no one wants to talk about that They want to talk to a live body
Speaker: I feel like that's similar to what's happening now. And I have sales bots calling me and and honestly answering questions and doing all this stuff. But at end of the day, I know they're AI and I don't have time for them. Now, if there's a human, i give them more time because there's an actual person and a soul behind the the voice on the phone. So to Beckham's question, how is it gonna impact our industry? I think it's gonna look very different in five years. Heck, I think it's gonna look very different in a week. And so how do you implement and try to keep
Speaker: relevant in this day and age, I think it's relationships. And I think you can utilize ai and different artificial intelligence to help you be better at your job. But what I've found is if you're nervous about the value you bring, you're super nervous about your future in whatever industry you're in. If you're a marketer, if you're an accountant, if you're a tax person, and they're scared about the value or worried about the value they bring,
Speaker: your your career could be over pretty quickly because AI is that good and it's that technologically savvy. Like it's just growing at such an amazing rate that even humans are having trouble keeping up with it.
Speaker: So you even see companies have like an AI specialist of a human that helps you implement AI in your business. And so I think the future of Uncommon Wealth will be utilize those AI resources to allow our clients to have the best plans that they've ever had, to be clearer, to be simpler, to understand it more. But when it comes down to the human relations and the human interactions with people, that's where I feel like we can do our best work. And AI can't take care take that away from us. And I don't think people want AI to take that away from us.
Speaker: So I get excited about different technologies that's coming out. Even if there's some ways that we have to adapt and overcome and we have to think about our value of what we create and give to our clients is way different. I love that. And I think it also is one of the reasons why I like running a business. It's refining, it's humbling, and man, it makes you really wonder if you're good at this because you you have to constantly adapt. You have to refine your leadership characteristics and qualities. You have to hear people out. You have to try to figure out how to build a company in an uncommon way for us. And that's daunting at times, humbling at others, and super rewarding in other times. so
Speaker: How do I feel like AI is going to impact our industry? It's going to impact it. It's going to impact everybody's industry. But I know what my value is. And I know that our relationships that we have with our clients are second to none.
Speaker: And AI is going to be a resource to help us serve our clients even better. So Beckham, I still think we have we have a business in five to 10 years. It's going to look different and I'm excited for that.
Speaker: So you've been listening Uncommon Wealth Podcast. Till next time, look at AI and see how it can utilize your true value to go impact people. Thanks for listening. Till next time, stand down.
Speaker: That's all for this episode brought to you by Uncommon Wealth Partners. Be sure to visit UncommonWealth.com to learn more about our services. Don't miss an episode as we introduce you to inspiring people who are actively pursuing an uncommon life.
