Some in the advisory fields are raving about new AI research tools. I have yet to be convinced of their real value in my life.
A few days ago I noticed an issue with workflow using Perplexity AI Deep Research. I was answering a client’s email in the early morning where he made a strange but powerfully stated tax position. The confidence he expressed made my question my own understanding of the issue. I wondered if he had done some research that I was unaware of (other than the usual Tik Tok tax research). So, I used the Perplexity AI Deep Research mode to check. I was surprised by how long it took to generate a response. I grew tired of waiting, so I answered the client’s email in the negative “I am not aware of any legal basis for … but we can discuss this later if you want”. That served my immediate purpose in answering the client. When I came back from breakfast, Perplexity AI had put together a well-reasoned response with appropriate citations. I felt good that my feeble old human brain could still reach the same correct conclusion. But this made me realize that in my own practice where I primarily advise middle income business owner clients on tax law outside of legal actions, I typically spend only a few minutes per case par day. This experience made me wonder: Will AI research tools catch up to real life workflow speed of a financial adviser like me?