Artificial intelligence of various types will become more and more prominent in our lives. And the good news is, it will help you save more money or grow your money!
Schwab automates investment advice
The idea of virtual robotics is already in play in the investing world. Now Charles Schwab has upset the apple cart in the investment community by launching an online robo-advising service called Intelligent Portfolios that you can use at no cost.
With Intelligent Portfolios, you go through a lengthy questionnaire about your life and your situation, and then Schwab will do electronic handholding where they manage your money for free.
This new offering has caused great upset in the traditional investment industry, where people live on providing investing advice to others. But the truth is most financial advisors are only interested in you if you have a minimum of $250,000, which is just a fraction of the population. So everybody else is left with insurance salespeople, high commission salespeople, and products that generally aren’t very good for you.
So the beauty of the Schwab Intelligent Portfolios offering is that you can be clueless about investing and still get good advice. It’s all automated for you. The cost of using the service is almost nothing for the actual investments you’re put in. The most expensive of all investments they put in you in costs less than .5% per year, which is tiny.
Google automates auto insurance
Meanwhile, Google is now causing tremors in the car insurance industry. I told you about a year ago that Google has become a big seller of insurance in parts of Europe, and it’s all automated and done with artifical intelligence to find you the best plan for your individual situation.
Now Google has gotten the OK to sell insurance across the country. So far they’ve only launched in California. But within months, Google will offer instant insurance quotations from coast to coast, with the exception of a few states. So instead of you having to wait even 15 minutes, this will be virtually instant, with quotes from real insurance agents.
Just as travel agents nearly went extinct when Internet shopping came around, other industries are facing that same kind of threat. But the new developments with artificial intelligence give you as a consumer more power to choose!