by Nicholas Hamner
Investment Advisor Representative
[email protected]
When I was a kid, every year my school would participate in Invent America. Kids would sketch out new inventions for a chance to win $100 or some other insignificant prize compared to the rights our parents signed away in the rare instance we ever invented anything marketable. Personally, I remember designing a flotation device for mobile homes in flood zones (rejected because it would cost more than the mobile home it floated), a vending machine that took credit cards (apparently this had been invented in the 1950s but I don’t remember seeing them until the ‘00s), and an all-surface carrot cleaner—complete with illustration—that probably still hangs in the teacher’s lounge. None of us ever won a thing, but we all wanted to be inventors, to make the world a better place, and to have everyone love (and love to buy) the byproduct of our assured genius.
History is full of inventions loved by the world, from the wheel to cheese-in-a-can. With the most recent significant invention—AI—however, people are conflicted. This is the first invention that I can recall people loving and hating at the same time. What do I mean?
Practically everyone I know can at least see the promise of a software that can do complex tasks seamlessly. Organize their calendar, write a term paper, clean up old photos… tasks and projects they wish they had the time or skill to do, they see the promise that AI can do that for them. On the other hand, I know of no one who likes the idea of AI being used on them. Doctor’s office using an AI voice agent to call and schedule an appointment? Gross. Getting an email that was clearly written by AI? Disrespectful. News that a government agency will use AI to sort its constituents’ data? Might as well riot on the streets. AI bots are so reviled, popular culture already has an epithet for them: clanker.
Not since the invention of the gun has there been such a division between people who want to use an invention but absolutely do not want it used on them. Even though we see the promise of it.
I’ve spent a while trying to figure out why there’s such a love/hate relationship with AI. Is it that AI delivers a subpar product? Possibly. Is it fear that AI will one day get too smart? Maybe. But really, my belief is that the reason most of us are in two minds regarding AI is due to how we value our time and how much we think others should value theirs. Our time is valuable, and the promise of AI is that it will save us some time. On the flip side, another person’s time is valuable to them and how much time they dedicate to you is an indicator of how much they value you.
We know how much time it takes to write a personal email and send it, or to look up a person’s phone number and call them and have a conversation. In a world where time is money, taking time to make a personal connection shows how much the person cares. AI doesn’t sleep or get sick and is theoretically immortal. Time is not a consideration of AI as it does not affect AI. Therefore, a bot generating 1,000 emails a minute and sending them conveys no value. We are here for a limited time, and are greatly impacted by it. A person taking time out of their day to call you or email you, even if it’s just for a minute or two, conveys a sense of value.
In our industry—in any industry—any time there’s a major buzzword or trend, you will get flooded with products and services offering to help you incorporate said buzzword. Algorithms, cloud computing, big data, and now AI are just some recent examples. The sales pitches are constant, the promises are strong, and the allure of saving time & money is ever-present. But rest assured, at Franklin Retirement we keep things personal.
When you call, you will get a person. Probably Dave. Maybe Jen or Ive. When we call, it will be a person. Emails are sent, read, and responded to by all of us. The only time you get a machine is when we’re busy helping someone else. We value the time you take to reach out, and we hope you do the same.