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Ethics In Financial Services Insights
Adaptable Artificial Intelligence
This publication introduces adaptability, defined as the capacity of an artificial intelligence (AI) system’s behavior to maintain helpfulness and harmlessness as societal understandings of these concepts evolve. The authors emphasize that adaptability is a necessary property to secure durable trust in AI systems as AI increasingly permeates private, public, and corporate life.
The paper highlights that this line of research is underemphasized and scattered and introduces adaptability as a concept that unifies the field of trustworthy AI by encompassing a range of yet disparate techniques. These techniques include interpretability, explainability, steerability, and instructibility, emphasizing the need for continuous alignment with societal norms and treating trustworthiness as a dynamic goal.
To address these challenges, the authors propose a publicly governed research program. This program focuses on evaluating adaptability methods based on effectiveness, cost, and system performance. By fostering collaboration and public accountability, it aims to advance trustworthy AI through adaptability. Techniques like model editing and retrieval-augmented generation (RAG) are discussed as promising approaches to improving adaptability, though their current limitations are acknowledged.
The authors critique market-driven AI development, arguing that market pressures have rendered private industry fundamentally incapable of developing AI systems that the public can trust. They underscore the need for public investment and governance to counteract these pressures, ensuring that AI development prioritizes public benefit and remains adaptable to evolving societal values.
More from The College
- Dive deeper into the concept of adaptability and its transformative role in AI governance by reading the full paper.
- Stay informed about our latest AI research and initiatives—follow us on LinkedIn for updates and insights.
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Retirement Planning Wealth Management Podcasts
Shares: Secrets of Sound and Smart Investing
In this episode of our Shares podcast, Retirement Income Certified Professional® (RICP®) Program Director Eric Ludwig, PhD, CFP® speaks with Meb Faber, chief investment officer of Cambria Investment Management and an expert on investment types and uses. They take a historical look at the ups and downs of stock and investment markets, as well as their impacts on tax planning — including perspectives found in The College’s Tax Planning Certified Professional™ (TPCP™) Program.
Meb Faber is the founder and chief investment officer of Cambria Investment Management. He is the manager of Cambria’s exchange-traded funds (ETFs) and separate accounts. Faber hosts The Meb Faber Show podcast and has authored numerous leather-bound books. He is a frequent speaker and writer on investment strategies and has been featured in Barron’s, The New York Times, and The New Yorker. Faber graduated from the University of Virginia with a double major in engineering science and biology.
Any views or opinions expressed in this podcast are the hosts’ and guests' own and do not necessarily represent those of The American College of Financial Services.
More From The College
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Ambassadors Share Retirement Planning Insights at FinServe Summit
The expert panelists, Terrell Dinkins, ChFC®, RICP®, Ande Frazier CFP®, CLU®, ChFC®, RICP®, BFA™, ChSNC®, CDFA®, CEPA, CExP, Ryan Swenson, RICP®, and Irv Rosenzweig, CFP®, ChFC®, CLU®, CRPS®, AEP®, AIF®, shared their insights into the evolving landscape of retirement planning and how advisors can navigate its increasing complexity.
Overcoming Key Retirement Planning Challenges Clients Face
Manganaro kicked off the discussion by asking about the key challenges clients face when it comes to retirement planning. For Dinkins, a major issue is the difficulty many clients face in imagining what their lives might look like — financially and socially — after they leave the workforce. She emphasized how data can help overcome this by alleviating fears and showcasing potential outcomes. “Numbers don’t lie,” she said.
Swenson agreed about the value of data and highlighted the impact of using visualization tools such as financial planning software to communicate clearly with clients.
“A lot of people are visual learners,” he explained. “By leveraging planning software, we can plug in their goals, savings rates, or withdrawal rates, and create graphs that make retirement planning feel real and actionable.”
Frazier added a key challenge can be the overwhelming amount and complexity of information about retirement. She said advisors can help by striking a balance between sharing their expertise and actively listening to their clients.
“One of the things that we can do as advisors is to take all the knowledge that we have and ask better questions and then actually shut up and listen,” she said. “We need to give clients the opportunity to think through their answers. This is a complex conversation, and sometimes they need a beat to gather their thoughts and express their concerns.”
The Role of Professional Education
When Manganaro turned to the role advisors can play in helping clients achieve their retirement goals, panelists emphasized the value of professional designations in enabling them to deliver targeted and high-impact retirement planning services. Both Dinkins and Rosenzweig credited their designations with deepening their ability to address the nuanced challenges of retirement planning.
“The Retirement Income Certified Professional® (RICP®) Program helped me paint a better picture for clients, especially when it comes to the social aspects of retirement,” Dinkins said.
The panelists also noted that growing their understanding of specific products was helpful in building well-rounded retirement strategies. When it comes to selecting the right products for clients, Rosenzweig explained that advisors and clients are inundated with messaging that paints certain products, such as annuities or reverse mortgages, as “bad.”
To help clients, said Rosenzweig, “You must eliminate bias and remain objective.”
“You can’t do that until you have the product knowledge,” he said. “It’s one of the things that I enjoy seeing from The College when new products hit the market.”
Tax Planning: A Cornerstone of Strategy
Tax management also emerged as an essential element of comprehensive retirement planning.
Frazier emphasized the importance of creating “tax diversification” within retirement portfolios. “We want clients to have tax-free accounts, tax-deferred accounts, and regular accounts to engineer their income in retirement,” Frazier explained. “This can help them stay in a lower tax bracket and ensure their Medicare premiums don’t go up.”
She also noted that the tax treatment of different retirement accounts has become increasingly complicated.
“Let's face it: the rules around IRAs and distributions and inherited IRAs and so on have become so complex, and there's not a lot of clarity even in the IRS guidelines on some of it,” she said. “So, the more knowledge that we can have in that area, the better our service will be to our clients.”
Addressing the Emotional Aspects of Retirement
Finally, the panelists agreed that advisors should not overlook the emotional aspects of retirement planning. Rosenzweig noted that clients often don’t spend enough time on legacy and estate planning because they don’t want to face questions of their own mortality.
Frazier agreed, and said, “Legacy planning is about coming to terms with the fact that this is the last stage of their life. It's coming to terms with what they want to leave their family or organizations they care about. That's one of the reasons they're not doing a lot of planning, because they can't deal with some of the emotional questions and conversations they need to. We, as advisors, have to guide those conversations. And we have to remember that we're dealing with a whole person, not just a part of a person when we're talking about retirement.”
More From The College
- Meet Our FinServe Network
- Enroll in Our Retirement Income Certified Professional® (RICP®) Designation
- Learn About Our Tax Planning Certified Professional™ (TPCP™) Program