Edward Jones’s chief executive has insisted AI “doesn’t replace” its network of financial advisers overseeing $2.5tn as the fund manager pushes back against rising expectations that the technology will automate critical parts of investing.
Penny Pennington’s remarks in an interview with the FT come as investors and analysts are debating how rapid advancements in AI could disrupt the financial services sector.
“It feels today like we are crossing a bridge into a new era with AI, and the power of artificial intelligence to either automate, to augment or to add to the value that we can create for our clients,” Pennington said, but “it doesn’t replace the financial adviser”.
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