Latest news with #AdrianJohnstone
Yahoo
20-06-2025
- Business
- Yahoo
How Advisors Can Avoid Becoming Over-Reliant on AI
Apparently there's no AI in team. Artificial intelligence is being hailed as a key element of the fourth industrial revolution, and new tools are now assisting financial advisors with taking notes, drafting emails, and brainstorming thought leadership content. In fact, the vast majority of advisors said generative AI helped their practices, according to a survey earlier this year. But AI isn't a silver bullet. It lacks emotional intelligence and a human touch. Advisors risk damaging client relationships if they become too reliant on automation — even for routine tasks. 'AI is poor at empathy so far,' said Adrian Johnstone, CEO of the CRM platform Practifi. 'Advisors need to recognize where the personal connection is most powerful, and use AI to automate and alleviate the lesser functions.' READ ALSO: What the GENIUS Act Means for Stablecoins and Advisors and Why UBS Is the Only Wirehouse to Allow Podcasting Today, most advisors use AI to boost meeting efficiency and streamline workflows. Ideally, this frees up more time to spend with clients, but misusing these tools can backfire. 'The common refrain of disaffected clients is: 'I pay you to understand me, my goals, and my fears, not to outsource me to a machine,'' Johnstone said. Wealth management is built on bespoke service, but AI hasn't yet learned to fully adapt to individual client needs and goals. While tools that draft emails and website content are improving, the output still reads 'hollow and generic,' Johnstone warned. Use it or Lose it. Client-facing AI tools can be 'extremely risky' because they can't interpret emotional undertones of client's concerns, said Rafael Loureiro, CEO of an estate planning platform. Still, AI can be useful for quick, factual tasks. 'If it's midnight on a Sunday and a client asks, 'What was my marginal tax rate last year?' that's a perfect use case,' Loureiro said. 'It's not doing financial planning, but answering factual questions.' Everything in Moderation. This isn't the first time new tech or strategies meant to disrupt the wealth management industry have wound up causing trouble for advisors and their clients. Will Trout, director at Datos Insights, pointed to the 2008 financial crisis as a warning. 'Firms that over-relied on risk models without human oversight suffered catastrophic losses,' he told Advisor Upside. This post first appeared on The Daily Upside. To receive financial advisor news, market insights, and practice management essentials, subscribe to our free Advisor Upside newsletter. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
CBC
22-05-2025
- General
- CBC
How an Annapolis Valley man is working to ensure civic signs are visible on every property
Adrian Johnstone couldn't help but notice the number of homes without visible civic signs as he and other volunteer firefighters delivered letters from Santa around the Annapolis Valley last winter. "It was quite concerning thinking that we were going there for non-emergency business [but] what if there is an emergency?" Johnstone said. This left Johnstone, who is a 911 operator and volunteers at the Waterville and District Volunteer Fire Department, feeling uneasy. In Nova Scotia, the blue reflective signs are meant to display a civic address number so emergency responders — fire crews, police and paramedics — can find properties quickly. "It literally could be the difference between life and death," Johstone said. "Like that is just ultimately the reality of it." The lack of visible signs prompted Johnstone to team up with emergency agencies to educate the public about the importance of having a civic sign. He uses his popular Facebook page, The Valley Eye Photography, to get his message out. Johnstone has also drafted a letter to the towns of Kentville, Wolfville and Berwick, and to the Municipality of the County of Kings, asking for support in sharing his message with every resident. "I can only go so far with Facebook and at the end of the day, it's their responsibility to educate our communities," he said. He said a couple of municipal councillors have responded and expressed interest in funding a project that would have civic signs paid for by the municipality. Wolfville Mayor Jodi MacKay says the town is working diligently to educate residents on this matter by having compliance officers deliver letters to all residents to remind them to keep their signs visible. She said residents have been receptive to bringing civic signs to the forefront of their minds because it can often be forgotten. "I'll be honest, I didn't have one either until I was informed that I should have one. You don't think about it until you need it and then it's unfortunate if you don't have it," said MacKay. In February, Johnstone canvassed more than 4,700 homes and commercial properties in three counties, including Kings, West Hants and Annapolis County, and estimated that about 62 per cent of those properties didn't have civic signs properly displayed. "Technology only goes so far, especially with very poor cell phone coverage. The signs are the most reliable resource to help locate an address," said Johnstone. MacKay said efforts are gaining traction in Wolfville, adding that it's even more important after the 2023 wildfires and the deadly flash floods that killed a 13-year-old boy in the area. "We've had tragedy here in town, so we want to make sure everybody has those numbers, so our first responders can find you when they need to," said MacKay.
