Artificial intelligence (AI) has always been a concern of mine since seeing Terminator and Terminator 2. As a retirement plan professional, I know it will have an impact on our business and will probably eliminate some positions in the industry.
Since the beginning of the assembly line and probably even before that, technology has put people out of work. I’m sure AI will help participants, plan sponsors, and plan providers will make things easier from most facets of how plans work. We might even use AI for plan design and I’m sure they will be heavily involved in asset allocation. Whatever the outcome, time will tell because we can’t understand the changes, until we see it. Just remember how many people said fee disclosure regulations would ruin the industry?