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The technological landscape is shifting beneath our feet at unprecedented speed. Fresh from attending the New Zealand Shareholders Association conference, we dive into the transformative potential of artificial intelligence and what it means for your financial future.
While AI cannot predict market movements, it's revolutionising how we conduct investment research. Ask it to analyse a company you're researching, and it will fill gaps in your knowledge with remarkable efficiency. This isn't about job replacement—yet—but rather about supercharging productivity in economies like New Zealand and Australia where productivity growth has stagnated.
The most startling revelation? "AI is coming for your high-income job." Unlike previous technological revolutions that primarily affected blue-collar workers, AI appears poised to disrupt roles commanding premium salaries first. The economic logic is simple: if businesses can replace their highest-cost human resources with AI systems delivering comparable results, they will. This underscores the importance of establishing strong financial foundations now to navigate potential career disruptions.
What makes this revolution different is its blistering pace. While computers, the internet, and automobiles transformed society over decades, AI's impact will manifest within years. We're already seeing the emergence of digital doppelgängers—AI clones that can attend meetings, take notes, and even go on virtual blind dates to test compatibility before real-world encounters. Industry leaders and celebrities are already leveraging such technology, creating trained digital versions of themselves to multiply their presence.
As we stand at this technological crossroads, one thing becomes clear: those who fail to adapt risk being left behind. Have you started exploring how AI might transform your professional life? Subscribe now and join us as we navigate this brave new world together.
Hello and welcome back to that Homlon Hub. Hello, James.
SPEAKER_01
Modena.
SPEAKER_00
Love it. James, how are you?
SPEAKER_01
I'm I'm um feeling pretty pumped today. I've had a really cool week.
SPEAKER_00
So awesome. What happened in your week?
SPEAKER_01
Well, I've been attending conferences and various seminars and workshops and so forth. So it's been very educational for me. Um and it's been real uh it's been important in terms of opening my mind to what's going on in the in the world at the moment.
SPEAKER_00
Okay, well, uh, I will let you to open our minds now and let us know what sort of workshops and presentations and seminars and conferences you've been to.
SPEAKER_01
Okay, well, firstly, let me just say I am not a technology nerd. So uh I'm I'm very low on the totem pole when it comes to technology. So
uh what I say is coming from a uh you know from a low practical tech technology aspect. Um I one of the conferences or I went to New Zealand Shareholders Association meeting, Wellington Branch, on Tuesday night, and uh the theme was AI. So they had uh uh some really cool speakers come along and and just take us through AI and how it's going to impact uh our lives, you know, and the obvious question came up because it was a group of shareholders was how can we use use AI to choose investments?
SPEAKER_00
Yeah, that was gonna be my question to you. Can they choose investments?
SPEAKER_01
No, they can't, because they can't forecast. Um But what they can do is they can if they can do research for you if uh on on a specific company. If you've if you've done some research on a company or an investment, you could ask AI to look up um to see if you've missed anything, for example, and it's pretty awesome.
SPEAKER_00
Wow. Okay, so basically you've got this tools, right? And we're talking here in a share environment, and you want to invest. And in the past, historically, you would either go to fund managers and then the fund managers would do research. And in this case, we have AI tools helping the fund managers or helping ordinary citizens to power up investments, and that would, I guess, speed up the work, right? That's what it comes down to. It makes it faster.
SPEAKER_01
That's right. And so it's not necessarily in this early stage about people losing jobs, it's about becoming more productive, produ productive. I mean, we've got a real productivity problem in New Zealand and Australia. So we we we're not doing um we're not using our resources effectively to do more. This tool, AI, will allow us, I mean, you can see it ourselves in the way we're using it, you know, to help summarize meetings and things like that. It just takes a lot of time. It it doesn't mean you're not doing it, it just makes it a lot faster. Uh so there's definitely huge advantages if you are to embrace it.
SPEAKER_00
Okay, cool. So that was your one of your main takeaways that the technology's coming, it's already here, really, and how to use it in the most productive way. Yeah. Okay. But we're not gonna lose the jobs yet.
SPEAKER_01
However, yeah, I think what we need to be really wary of is because we're gonna and like I've said, I'm not an expert or anything, and uh we have to be really wary
of this technology is a isn't an unknown. We don't know. Even the even the leaders of the um chat GPG, is it, um, those people, they don't know where this is gonna take us in even two or three years' time. You know, they don't know what uh they know it's gonna have a huge impact, but we're not exactly sure what impact it's gonna be. And one of the things that came out of the uh conference was AI is coming for your high income job.
SPEAKER_00
Wow.
SPEAKER_01
So um What's your takeaway on that? Because if well if I guess it makes sense if you're a business and you've got you're paying all these people really high salaries, um, and then you can use AI to do more or less the same work as those people on high salaries, the AI is probably gonna replace the people with high salaries first. That's just a a s a potential scenario. So you know, I come away I know that come away thinking like we've really got to make because it's so uncertain, we've got to make the most of our time now and be sure that we're not uh that we're utilizing our money really effectively. So that if these changes do come and we are impacted, we've got a really foundation, a really strong foundation so that we can transition to a change. I mean, we don't know what jobs are gonna be affected. Um it might just um help businesses work better. Um and I'm sure the best people in an industry or the leaders in an industry always find a way to survive. Um But yeah, it's really it's pretty interesting and I think it's worth it.
SPEAKER_00
Yeah, and I think it just comes down to that, you know, AI revolution. It's basically if you don't keep up, you will miss out. So just like when the computers first came out, you know, 50 years ago, and then the internet came out 30 years ago, etc. etc. If you don't keep up with those things, eventually they will replace you. Yeah, they will make you redundant. So you gotta be on top of it. And I I I still think you need a really good, smart human, but you're right, like AI will replace people,
and it and I know already in IT it's happening where before you know you needed like six people to write this program, um, and now you just need one person and you need this, and you give AI tasks to do, and then one person monitors what they're doing. So I've heard of that happening, and I think in our industry as well, like we I know uh a lot of admin work is being uh fast-forwarded by using AI tools, but again, you've got to be careful what AI tools are you using. Is it secure the information you're putting out there, who else has access to it? So I think it's uh definitely a very interesting time to be living in and seeing where it's gonna take us. And just going back to the Chat GPT, just in the last few years, look how much it's it evolved. You know, it went from Chat GPT version one, now we're sitting at version five, yeah, which can do crazy stuff compared to the version one that would would just simply answer a prompt and have a conversation maybe with you, but nothing too um deep. So um, yeah, interesting times. Okay, so that was your takeaway. What else?
SPEAKER_01
Well, I think the other thing is that you know, a lot of those other big changes that we've spoken about, the internet, computers, and even cars, they transformed society over decades or half a half a century. This is gonna happen in a few years. So that's the main difference, you know. We're is that the change is gonna happen a lot faster um than those other previous changes, um, which is probably what makes it exciting and a little bit scary. Um the other interesting thing is, yeah, like that came up is that because AI is created by humans, um
there's there is still gonna be, you know, you can't expect it to be perfect. So um, you know, even when we we record our meetings and things like that, you've got to go through and edit it. You know, it's clearly made some funny mistakes.
SPEAKER_00
Yeah, some notes are hilarious. Uh we're referring to our Zoom meeting notes, uh, or you know, when we record certain meetings and the AI assistant takes notes for us and then gives us a summary. And yeah, it's definitely still needs a human input.
SPEAKER_01
You can't just yeah, absolutely. It but it it's impressive what it can do. So um yeah, and then then there's the security side of it. You know, that's what how the how how that industry is gonna evolve. How are we gonna control this AI so it's used for good and not used for um bad things?
SPEAKER_00
So And you know, in the future we could even replace us. I mean, uh, someone else could record podcasts for us. You know, you could get the AI, clone our voices, and we just tell AI what to record, and it will just do it for us. But for now, guys, you get to experience the real us.
SPEAKER_01
But you know, you there's a blind date thing, uh uh apparently, a blind date app. A blind date sorry, this is not you and me. The blind date app where you can send your preterned person on a blind date with the other pretend person.
SPEAKER_00
Oh my god.
SPEAKER_01
And they can see if if it's gonna work out before you actually do the real blind date.
SPEAKER_00
Now I've got two questions here. Why do we know about that?
SPEAKER_01
Oh, this is No, I've been I have been practicing. I've been drawing out some different waves. Uh but this came up in the I think it came up in the shareholders with one of the presenters there. Wow. So that that was interesting.
SPEAKER_00
That's amazing. I mean, again, that's productivity, right? Instead of wasting your time going on different dates, meeting different people, you just send your clone, and the clone decides whether it likes that person or not. You know, earlier in the year we had um Financial Advice New Zealand conference and we had panels there, and I've interviewed him in one of my other podcasts, and he's an absolute AI god, and he's actually coming to Wellington in October. Yeah, and I really want to go and uh see his talk because he talks about different AI specifically for our industry as well. So that'll be a really interesting one. But what he did is yeah, he cloned himself, and his clone attends various Zoom meetings for him and then brings back all the notes, and the clone can also think for him, talk for him, because he trained it to be him. Yeah, and I know um big celebrities like Tony Robbins, I know they've got clones, I know, you know, it's just it's phenomenal that is out there, yeah. Yeah, it's absolutely mind-blowing. So um now that's awesome. That has been a really interesting chat, definitely out of the gate for our something different, hey, for me. And something different for you. And I mean, what really stands out here, James, is that if someone like you is already thinking about it in your age, I'm not that old. That's my usual thing at James for those that are listening for the first time. Um, you know, if you're thinking about it, then definitely, you know, we should be thinking about it as well. Absolutely. Awesome. Cool. Anything else to add before we wrap up? That's pretty good. Thank you. Cool, thank you so much. So, for those that want a quick summary, we talked about AI. We talked about James um going to the New Zealand Shareholders Association
