How investing is changing and how it isn’t

[upbeat music] Let's start with where we are today.

When you look across Bay Street, how far has AI actually moved from experimentation phase to day-to-day investing?

I'd say we've seen enough at this point with confidence to say that AI will be one of the seminal transformational technologies we've seen, alongside the internet and others.

It'll transform investment processes, how we do our job, and, you know, the types of skills that will be important on, on investment teams to succeed.

Now, no one knows how it's going to evolve.

If we have this conversation, uh, in five years from now, you know, we could be talking about ways AI's evolved in ways we didn't expect.

We could be talking about quantum computing as more, even more transformational.

Conversation for another day.

We don't know exactly how it's going to evolve, but there are things we can say.

Investment teams will still be competing active managers on investment acumen, critical judgment, ability to take appropriate risks.

Investment advisors will still be competing on ability to form relationships of trust with clients, understand their needs, create comprehensive plans that evolve to market conditions, and offer proactive advice that, you know, if there's client instincts that may be counterproductive.

So human plus machine is gonna provide better outcomes.

So, so that's how it's gonna evolve.

Now, in terms of where we're at currently, most Bay Street firms, uh, have made AI tools available, a mix of off-the-shelf external tools, external, uh, internally developed tools.

Um, and so those are available, so certainly AI is being used day to day.

However, tool availability is not what matters, it's adoption.