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27-28 February 2024 😀 And that is a wrap up on the impact of AI!


Thanks to the Economist Impact and speakers for the utmost instructive discussions on 27 and 27th February 2024 in HK


👉 AI perceived as apocalypse due to the nature, fast pace/speed and scope of implementation


👉 AI is still perceived by most of employees as a threat to job security


👉 While 78% of the attendees thought that AI will change the way they operate, 10% thought it would not be the case and 12% were undecided


I personally think that AI is a revolution but not an apocalypse and that it may benefit as a "co-pilot" to many industries and jobs (although, granted, the term co-pilot may sound limitating, but less threatening).


Yes, AI may lead to some jobs disappearing, but!


- This has been the case in the past with many inventions

- This is a great opportunity to free up some time to focus on other tasks

- This does not take away the accountability of people, especially in the decision-making process!




Check out the Economist impact report on exploring scenarios until 2030 on my Resource page https://www.amc-advisory.com/resources

"Opting in" or "Opting out"?

In the FinSA world, financial services providers must classify their clients into:

a.       Private clients,

b.       Professional clients

c.       Institutional clients.


I often get asked this question when it comes to high-net worthy retail clients whishing to be categorized as professional clients: Is it opting in or opting out?


The answer is: Opting out!


But they have to prove that they satisfy 1 of the 2 below criteria (it is not cumulative!):


a. on the basis of training, education and professional experience or on the basis of comparable experience in the financial sector, they possess the necessary knowledge to understand the risks associated with the investments and have at their disposal assets of at least CHF 500,000;


or


b.  they have at their disposal assets of at least CHF 2 million


In doubt, check the Art.5 FinSA (on our Resource page as well)


FINSA_Federal Act of 15 June 2018
.pdf
Download PDF • 927KB


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