AI and Finance: How to Leverage Technology While Protecting Your Wealth

In this episode:

00:00 – 08:17: What is AI and How It’s Being Used
08:18 – 16:14: How AI Can Help and Hurt Your Finances
16:15 – 23:02: The Security Risks of AI
23:03 – 34:42: Best Practices for Using AI
34:43 – 37:18: Final Tips and Advice

Artificial intelligence is changing the way we think about money: How we manage our investments, detect fraud and even plan for the future. In this episode, host and SVP Wealth Fiduciary Advisor, Kelly Mould sits down with SVP Portfolio Manager, Eric Bernal and SVP Chief Information Security Officer, Mark Ward to share practical steps you can take today to protect yourself while making the most of what AI has to offer.

5 Key Takeaways

1. Embrace Password Managers 

Here's the thing about password managers: The one that's easiest to use is the one you'll actually stick with. If you have a smartphone, you already have one built right in, whether you're using Android or Apple. Think of strong, unique passwords as your first line of defense in keeping your accounts secure.

2. Enable Multi-Factor Authentication 

Even when you're using a password manager, it's smart not to rely on just one layer of protection. Multi-factor authentication gives you that extra barrier because you can never be too careful.

3. Keep Your Software Updated 

It might seem like a hassle, but here's why it matters: Phishing is still the most common ways attackers get in and outdated software creates easy entry points. Those regular updates? They're actually patching security holes before anyone can exploit them.

4. Treat AI Like a Consultant 

Imagine AI as a really smart consultant you're working with but one you don't have a nondisclosure agreement with. You'd give them the big picture but you wouldn't hand over all your sensitive details, right? Same principle here. Use AI for direction and structure but keep your personal information private.

5. Keep Humans in the Loop

AI is best used as a complement to your financial strategy, not a replacement for human judgment. Your advisor understands things that algorithms simply can't: Your family dynamics, your emotional relationship with money and those personal goals that make your situation unique.

Need personalized guidance? Reach out to your advisor or connect with one today.