How Soon Will AI Replace Financial Advisors?

Today's video is part four of David's interview with the co-founder of Power of Zero, Larry DeLegge. They discuss whether AI will replace financial advisors and if Congress will take away the tax advantages of cash value life insurance.

According to David, financial planning is more of an art than a science. This is why he is not all that convinced that AI has the capabilities to successfully handle people's unique and complex financial situations. 

2043 will be a big year for our country. Once we hit a 200% debt to GDP, no combination of increasing taxes or reducing spending will arrest the fiscal collapse of our nation.

David breaks down the options and solutions we still have to put our country back on a sustainable fiscal path. 

David shares his thoughts on whether Congress will change the rules on cash value life insurance. 

The book, Power of Zero, works best for people who have already accumulated money and are looking for ways to wring the most efficiency out of their savings while shielding themselves from the impact of higher taxes. 

David reveals that his next book will target the younger generation--the people in their 20s, 30s, and 40s. 

David agrees with Harrison Young's famous saying that the people who contribute 30 percent of their retirement savings to cash value life insurance take much more income in retirement than people who do investments alone. 

David shares why he believes financial advisors need to redeem life insurance and tax-free planning principles by teaching the principles to the younger generation.

If you're going to write a book, find some good stories and make those stories the centerpiece of what you're trying to drive home. That's how you write a good book.

David's advice for people looking to write a book on finances: don't ever start a book with your own personal story. Start your book with a story that will grab your reader's attention and then keep them for the rest of the book.

 

 

Mentioned in this episode:

David's books: Power of Zero, Look Before You LIRP, The Volatility Shield, Tax-Free Income for Life and The Infinity Code

DavidMcKnight.com

DavidMcKnightBooks.com

PowerOfZero.com (free 3-part video series)

@mcknightandco on Twitter 

@davidcmcknight on Instagram

David McKnight on YouTube

Get David's Tax-free Tool Kit at taxfreetoolkit.com

Tom Hegna's Who Wants to Be a Millionaire? By Tom Hegna