Family Office for the Masses

An opinion column in Calcalist envisions a future where artificial intelligence makes personal financial management accessible to the masses, akin to family offices for the wealthy. The author cites a report on the surge in bank account management costs to 1,000 shekels a year, and points to One Zero as a pioneer in connecting accounts to ChatGPT. He calls on regulators to require financial institutions to open interfaces to AI, so that information is in the hands of the consumer.

In an opinion column in Calcalist, the author paints a vision where artificial intelligence will make personal financial management accessible to the masses, similar to family office services for the wealthy. He describes a world without power, borders, and fear, where AI agents will read the fine print, warn of risks, and recommend investments. The author notes that the cost of managing household bank accounts has surged to 1,000 shekels a year, which he says is a result of the vacuum. He mentions that platforms like Robinhood and Interactive Brokers are already connecting to AI engines, and in Israel, One Zero bank has announced the possibility of connecting the account to ChatGPT. The author calls on regulators to require financial institutions to open interfaces to AI, so that information is in the hands of the consumer rather than the banks. He demonstrates how a personal financial agent could manage an inheritance of 30,000 shekels, offering deposits, funds, and stocks according to the user's profile. He estimates that the technological capability is only a few months away, and the main challenge is public trust and cooperation from financial institutions.

Family Office for the Masses