Not correct Hedware. I was only talking about psychiatry, not the "whole of medical science".

The point being that we are talking about human psychology both in the investment arena and medical science/psychiatry. As a result, I posit that if the specialist qualified medical sciences are still exercising guesswork in the treatment of human psychiatric conditions/mental processing to suggest financial professionals can apply the same "science" as to how the same person will react to the same/similar stimuli at all points in their life/mood/side of bed they got out of/what the mate at the pub just scored in the stock market is naive.

The other parts of medicine are extremely scientific with double cross over blind testing with multiple peer reviews. Calling risk profiling a pure science is the same as calling economics a pure science. This is farcical in the extreme.

In reference to your point regarding AI, I agree that at some point AI will likely provide the best "technical advice", it will be less successful I believe, at least in the next 20 years, in having clients maintain discipline, stay the course during volatility and not making personally destructive financial decisions. Not sure how AI relates to risk profiling but thought I'd address your second point.

The content of this field is kept private and will not be shown publicly.
 

MARKET INSIGHTS

sub-bg sidebar subscription

Never miss the latest news and developments in wealth management industry

Michael Chalmers

Meanwhile the government says it wants to lower the cost of advice. The governments regulator is ballooning how much t...

19 hours 31 minutes ago
Chris Cornish

If an adult signs a form stipulating a payment to occur, that should be the end of the matter - no need for the governme...

20 hours 34 minutes ago
PETER JOHNSTON- AIOFP

Commissioner Hayne recommended Consent Forms to stop Bank Executives [not Advisers] illegally taking fees out of consume...

20 hours 53 minutes ago

AustralianSuper and Australian Retirement Trust have posted the financial results for the 2022–23 financial year for their combined 5.3 million members....

10 months ago

A $34 billion fund has come out on top with a 13.3 per cent return in the last 12 months, beating out mega funds like Australian Retirement Trust and Aware Super. ...

9 months 3 weeks ago

The verdict in the class action case against AMP Financial Planning has been delivered in the Federal Court by Justice Moshinsky....

10 months ago