I wish there was a thesis on AI powered Financial Advice/Planning for the masses.
Everyone needs quality financial advice, but only a lucky few get access to the same. This is so because, qood/qualified financial planners are few (1 registered registered financial advisor per ~1 million indians) and the population that is in need of their advice is large and comes from diverse financial backgrounds. This is a high touch profession that involves investor education, trust building, exchange of information/money, frequent check ins and long term client servicing. Naturally, the best advisors tend to focus on the top of the pyramid and ignore the tail/masses.
AI could potentially change this game.
Imagine a farmer in a village in India, calling an AI Agent via telephone, asking the agent advice on how he can plan for a secure future for his kids and the AI guides him through various options available to him starting from Signing Up for Pradhanmantri Jeevan Jyoti Bima Yojna (Basic affordable insurance cover for exigencies) , Signing up the family for Ayushman Bharat (basic health cover for exigencies), Maybe Starting a Sachet SIP, RD or an LIC child scheme for kids that mature at at different life stages - School, College, marriage etc. What’s more the AI agent could possibly sign him up for relevant schemes there and then itself without any paper work. Once signed up, the AI agent would regularly follow up with the farmer on service updates, status of investments etc and could act as single service point for all plans.
The same AI could also interact with a Senior Corporate Executive in a Metro city looking to diversify his/her PMS and MF portfolio.
I am still debating with myself whether this is a use case or a thesis theme. Would love some feedback.