AI Will Replace Your Financial Advisor. Here's Why That's Good.

In this episode of the Infinite Capital Solutions podcast, Josh Waxman breaks down the most controversial topic in finance right now: AI is going to replace most financial advisors — and that's a good thing.

We get into: → Where AI is actually heading in the financial industry → Why most advisors won't survive the next 5 years → How entrepreneurs and high-income operators should be using AI for their money right now → The gap between where you are and where you want to be — and how AI is closing it faster than anyone expected → What this means for CPAs, wealth managers, and the people paying them

If you're a business owner, real estate investor, or high-income earner, this is the conversation you need to hear before the next 12 months happen.

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Transcript

SPEAKER_00 0:00

All right, welcome to our podcast episode. Today we're gonna talk about AI, crypto, and more. Everyone's favorite topic right now. Right, Pab?

SPEAKER_01 0:10

Absolutely.

SPEAKER_00 0:10

Alright, so let's start off. Where do you see AI going in the future of finance?

SPEAKER_01 0:16

Specifically with finance. Yeah, I mean, there's a lot going on right now when it comes down to AI. I know for us, you know, a lot of the insurance carriers and uh financial platforms that we're utilizing are starting to integrate AI more, but it's definitely very, very slow adoption, right? I think that people aren't sure what exactly to do with AI, how much or how little to use it, right? We we just had a good leadership retreat where we learned a lot about the future of how that's gonna work. Um but I know that the insurance carriers specifically and the financial companies are utilizing it to the best of their ability, but there's a lot of bureaucracy, right? There's a lot of corporate stuff that has to happen for it to actually move at the speed. Ma what do you think with the speed of things right now, what do you see are the biggest hiccups or hurdles that we experience because we don't use AI enough?

SPEAKER_00 1:12

In our business? Yeah, in our business.

SPEAKER_01 1:14

In finance specific. In personal finance.

SPEAKER_00 1:17

Personal finance, I would say really utiliz learning how to really utilize AI, whether it be ChatGPT, Cloud for your business, uh, we're realizing there's AI assistance now that can help us probably integrate a lot of our CRM stuff. Right. So a lot of learning, but it takes a lot of like patience and having creating the time to learn because if you don't, you're just kind of pushing it off. And the more you push it off, I think the more the AI is developing and getting better, and other people like your competition is probably already getting ahead of it.

SPEAKER_01 1:50

Yeah, 100%. I know that Cardo Inventures did an eight-week boot camp or something where they were trying to figure out how you can help have AI not replace you, but help make your job better. Right. Right? How do you make it easier? How do you make you yourself more efficient, more effective? And I that's one of the best things that you could possibly use AI for. Right. You know, specifically for personal finance. AI, especially with underwriting, with uh approving people for credit cards, approving people for bank accounts, approving people for insurance policies. There has to be AI underwriting that maybe there's a little fudge factor built in there in case AI is wrong, but that would really speed up the process because I see that the biggest challenge right now is speed, right? The world is evolving at such a fast speed. I can Zell you that's another thing, right? You have we have a Zell limit, right? And so, like if we get a big deposit and we need to send money to each other, we might have to send it either a wire transfer, which you still have a limit up to like a hundred or one hundred and fifty thousand, depending on your your business, right? You have a wire limit and a Zell limit. And so like that makes money move slower. Um, but especially when you're handling money in different ways when you're sending large amounts of money, it definitely takes a couple business days for uh, you know, for our business for policy loans and policy deposits and stuff to go through. Takes a couple business days, which when we're used to AI and I can just ask a question and all of the stuff that you need, all the answers come up. Yeah, I mean, speed is is really important.

SPEAKER_00 3:29

What are two or three things that AI has helped you or us in our business to work with?

SPEAKER_01 3:35

I mean, first off, and this is where the rest of it comes from, but uh doing a time audit or like a leadership duplication worksheet.

SPEAKER_00 3:43

Um we'll talk about what like a summary of leadership duplication worksheet for anyone that knows.

SPEAKER_01 3:47

Yeah, sure. It it's really just uploading like the way that you do it is by taking screenshots of your last month of stuff, your calendar for the last month.

SPEAKER_00 3:56

This is very important because this helps you feel way less overwhelmed. So tell everybody, give them some value on this.

SPEAKER_01 4:02

100%. And then we'll go back to the finance conversation. Um, but op taking screenshots of your last four weeks or last month of work, uploading it to Chat GBT, and this only also works if ChatGPT knows what you should be doing best, because there's gonna be you really wanna figure out what do you have to stop doing completely that nobody should do. Right? That's a total waste of time. What should you delegate that's not worth your time but worth someone you to pay someone else to do for you? What should you continue doing that is good for you to do, worth your time, and that you should be the one to do it? And then also what should you start doing that you're not already doing? Right. And that's helped us a lot with creating more systems and procedures. So just doing that, and then from there, once you have the things you should delegate using ChatGPT to figure out what to delegate. Another thing that I help that just to bring it back to the finance part is it helps me make financial decisions. And a lot of people say that, oh, you can't use AI, it's never gonna replace your financial advisor. I just think that is flat out wrong. There is no reason for you to call some guy. Even I mean, it might even replace what we do, and that's okay with me because that means we'll have to evolve. Yeah, the life insurance agent. Like, there's just no reason why you need to talk to a person to be able to do. I I think that the the personal element that people say that we'll always want to have, I think that that's overrated. Um, you know, we book hotels online, we book cars, we do a lot of stuff. And like you can just say, hey, here are my goals, here's where I'm at, I want to get here, I need to close the gap. AI will tell you how to do it better than a human being would. And so if you can teach your ChatGPT or Cloud or whatever platform you use to actually learn about you, and then you can say, Hey, I got a hundred grand in the bank, here are three options for what I can do with my money. What should I do? And it'll say, hey, the first option's a want, not a need, but you can still do it. The second option is great to grow your business, but might be a little risky. And the third one might not grow it as much, but doesn't have as much risk. So I think you should do option three, but at the end of the day, it's your money, so do whatever you want. That is really, really valuable. And so on the finance side of things, you know, that's it it it's it's that's what I use it for is like, hey, I got this money, this is what I want to do, here are my options, help me come to a decision based on what's best for our business. Right. Right? And so for the three things in summary, it would be creating, figuring out what to duplicate, creating systems to duplicate those things, and then how do I make financial decisions so that I can have really great intellect without making emotional buying decisions.

SPEAKER_00 6:46

Yeah. And what else do you think AI is gonna or it's gonna create in the world or fear that's out there related to crypto?

SPEAKER_01 6:56

Yeah, I mean, well, well, to answer, let me do two parts of that. First off, the the only thing that makes us different in the entire world than any other species is the ability to have a creative imagination. That's what thinking grow rich, that's what Napoleon Hill says in thinking, grow rich, and I believe that. And so all of the mundane activities that we do, everything that's annoying, everything that we have to repetitive, all these repetitive tasks, all of that can get duplicated by AI. That means that the world will be a lot more creative. We'll have to think more, we'll have to tell stories more, we'll have to communicate better. And so that's where the human factor comes in. Now, in regards to crypto, uh, you know, it crypto is very interesting to me because the money system has been controlled by the powers that be, we'll call them that, for the last 113 years in America, but really for the last five, six, even a thousand years going back to around the 1100s. Um and so the reality is that money's gonna need has been and probably still will be controlled by the governments and the world powers. So I just I personally I don't think that all of these cryptocurrencies are gonna be able to be free market like they are right now. I think that we will create a C B D C, a centralized bank, decentralized currency that is controlled by the governments, and that we but I also don't think that that's the worst thing in the world. Even though I'm pretty down the rabbit hole, I do think it's good for us to be able to have one world currency where we can go to Italy like we just did and spend whatever the heck it's gonna be called. Let's just call it world currency, world cryptocurrency, and we call it that. And so we want to make sure that that's what we do. Um, and then again, it just comes back to speed. Crypto will just help make money go faster. Right. And makes the costs of money go faster. Right.

SPEAKER_00 8:47

What do you think uh crypto has related to like what we do and how maybe AI can help that?

SPEAKER_01 8:53

Yeah, I mean there's only one company I know of that does Bitcoin life insurance. And I get their email blast so I can stay on their toes and see what they're up to. And it really drives me. Um but they have one product one way, the way they do it one in one way. Um but we really want to be able to create more speed, and so the way that we could really integrate it is by creating a life insurance carrier that allows for uh a crypto exchange in the background where I can make deposits or withdrawals or loans through any exchange, through any currency, whether it's crypto or dollars or pesos or whatever, and be able to put that together. Um but that's why financial education is so important right now, because financial education or the the the type of education that we can actually create freedom with, right? Um things that we can know, like about Robert Kiyosaki teaches, what you know.

SPEAKER_00 9:44

The book that we have for this month, the financial IQ.

SPEAKER_01 9:47

What are you receiving from that?

SPEAKER_00 9:48

Talks about like we don't have a financial crisis, we have an education crisis. Yes. Because people are not aware or educated when it comes to their finances or where to put their money or all of that. So it's very important with education.

SPEAKER_01 10:01

Well, that's why I mean AI will help you get more educated because when you Google something, that you know, you like you'd have to go through multiple pages, you get different people's opinions. With AI, you get one answer, which isn't always the best answer. So, like, warning to that, because what if they're teaching you the wrong thing? What if the government gets involved and they say, Well, well, how should I save money for retirement? And the answer Chatty gives you, Chatty's what we call Chat GPT, is 400, put your money in 401k. Like they could control the narrative. But you we have to train it properly. All right. Right. And that's where control and ownership really comes into play.

SPEAKER_00 10:38

Right. So since we're about to wrap it up here soon, tell us a little bit about where you what you think about control and ownership comes into play with AI.

SPEAKER_01 10:47

Yeah, control and ownership of your assets, of your intellectual property, of your money is gonna be so much more important than it ever has been. Because everything's gonna be on the blockchain, everything's gonna be accessible, everything is gonna be less secure and more secure in different ways than it was before. But it's gonna be more important for you to understand leverage, understand speed, move at a very attack speed, fast speed, to be able to really accept, acknowledge, act, and move fast, right? To be able to move through this whole process. And for us, you know, the only way that I see that we can really create a true privatized banking system is if we create a life in or partner with a life insurance carrier that is willing to do instant deposits, instant policy loans, instant withdrawals, instant exchange from one policy holder to the next, or one bank account holder to the next, just like Zell works like that. And then for us to put it all on a crypto uh exchange so that we can move money and deposit money in different currencies depending on what we want to do at that given time, and have all of it be ran on the blockchain so that AI can help accelerate the whole process and we can move money fast because that's what's gonna have to happen is money has to move fast because the world's moving fast, and we're gonna be at the forefront of all of that.

SPEAKER_00 12:09

Yes, I love that. Well, you heard it here, guys. So if you want to learn more about AI or more in our thoughts, follow us on Instagram at My Infinite Capital, Josh Waxman, Eurita Waxman, and we will be doing these weekly again. So follow for more content.

SPEAKER_01 12:24

Thank you.