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600% In Under 5 Years, Financial Advisors Grow Business By Podcasting And YouTube



Meet Bo Hanson, a financial advisor who’s used a combination of technology and partnering – with a big helping of entrepreneurial drive – to create a six-fold increase in his business since 2017.

What makes this story even more compelling is that Bo and his partner, Brian Preston, managed this growth during – and in-spite of – the Covid-19 pandemic.

If you’re a small business owner – and even if you’re not a financial advisor – you should be super interested in Bo Hanson’s story. There was no major infusion of capital or transforming events that made it happen. Bo has been able to grow his existing business with a combination of winning techniques.

So, who is Bo Hanson, and how did he achieve such incredible growth in a highly competitive field – even during a global pandemic?

Introducing Bo Hanson

Bo Hanson is a partner in in the Franklin, Tennessee-based financial advisory firm, Abound Wealth. A 2008 University of Georgia graduate, he and his wife Jenna and their two daughters reside in nearby Thompsons Station.

The University of Georgia is a key part of Bo’s journey in life. That’s when he was first introduced to the financial advisory field. On his website, Bo tells the story of how he began working as a financial advisor before he even hit the legal drinking age.

“I have a late birthday (August), and my parents started me in kindergarten young,” Bo recalls. “When I got to college, I had several credits thanks to Joint Enrollment and Advanced Placement classes. Because of that, when I first started working at a financial planning firm, I was only 20 years old. Old enough to help people make sound financial decisions (to an extent), but not old enough for an adult beverage.” 

Bo worked for Preston & Cleveland Wealth Management, working for his future business partner, Brian Preston. He’s continued working for and with Brian since his graduation from UGA.

Bo and Brian developed a media enterprise called The Money Guy Show, which grew to give the firm a national presence. The show was intended to serve as an educational platform, but it brought clients from all over the country.

With the success of the show, Bo and Brian rebranded their financial planning business and became Abound Wealth.

The combination of a financial advisory firm and a media presence proved to be a winning combination. And that’s when business really started to take off.

Today, Abound Wealth has grown to 19 employees, and assists clients with retirement planning, education planning, estate and legacy planning, tax planning, and more.

What Pandemic? This Firm has Grown by 600% in Less than Five Years

When Bo and Brian started Abound Wealth in 2017, the firm had about $115 million in Assets Under Management (AUM). Less than five years later, AUM has grown to nearly $750 million. That works out to be an annualized growth rate of about 46% in less than five years.

That growth didn’t come about by accident. In addition to specific strategies – which I’ll cover in a bit – Bo and Brian employ business philosophies that might best be termed disarming.

First, the firm is a fee-only, fiduciary advisory. “In our opinion, it’s the least conflicted way for financial advisors to get paid since we get paid directly from clients and not from selling products,” explains Bo. “It’s often difficult for fee-based or commission-based advisors to give advice most beneficial to clients when they stand to make more money from giving advice that might not be as beneficial – or could even be harmful.”

Never Oversell Yourself

Second, Bo and Brian avoid overselling their service. From a marketing perspective, they emphasize providing plenty of free advice. But they’re equally circumspect about promoting financial advisories as an across-the-board recommendation for everyone.

“Having a financial advisor is a good idea, but we don’t think that everyone should hire one,” Bo emphasizes. “We believe with all of the free information available online (like from The Money Guy Show), hiring a financial advisor might not make sense for someone who’s just starting out or only a few years into building wealth.”

Bo and Brian aren’t the only financial advisors who see that marketing in the 21st Century requires a softer approach.

“I’ve found that in trying to target millennial clients, it’s important to focus first and foremost on providing value and building a relationship based on trust,” advises Kenny Senour, financial advisor at Millennial Wealth Management. “People in their 20s, 30s and 40s are not engaged or interested in the ‘hard sell’ approach. In fact, it’s the easiest way to lose a younger client. So, I’ve tried to focus more on building the relationship and whether I would truly be the best planner for a particular millennial client.”

For smaller investors, Bo Hanson even warns that financial advisor fees can be a drawback.

“In those early years, when the nest egg is small and growing quickly, an advisory fee can be a real hindrance to building wealth,” says Bo. “It might not provide as much value.”

That’s a surprising admission from a man whose business is selling financial advice. But it makes more sense when you understand the basic concept they promote…

The Abundance Cycle

This is a concept that resonates throughout the firm and is also a repeating theme in their marketing efforts.

The Abundance Cycle is at the heart of the drive to give away free information.

“We often get asked why we give away so much great financial information for free,” Bo explains. “While the obvious answer is that we want to spread the news of sound financial management and help people take control of their finances, we’ve found that the ‘Abundance Cycle’ has been a really fun side effect of that process. We encourage our audience to Learn, Apply, and Grow.”

Bo explains the three-step process of Learn, Apply, and Grow as follows:

1.  Learn how to make great financial decisions.

2.  Apply what you learn to your financial life.

3.  Grow by combining learning and application to allow your circumstances to expand and improve.

“The Abundance Cycle is when they reach the point that they have had so much financial success that they feel like they need a co-pilot to help them navigate the rest of the journey,” explains Bo. “We ask that, when they reach that point, to remember the team that loaded them up with information all along the way, and we ask for them to give us (Abound Wealth) a chance to be that co-pilot.”

Simple, but disarming. And successful.

Bo recommends hiring an advisor once your portfolio reaches a “critical mass”. He cites $500,000 as a typical threshold when hiring an advisor becomes desirable. “Managing a 6- or 7-figure portfolio can feel like a full-time job, and a fee-only financial advisor can provide so much value.”

What about the specific strategies Bo and Brian have used to expand their business?

There are two primarily, The Money Guy Show podcast and The Money Guy Show YouTube channel.

The Money Guy Show Podcast

This is where Bo and Brian first began to use the Internet to grow their business. They’ve been able to use the show to reach hundreds of thousands of people every month, giving them a huge competitive advantage.

Brian Preston first started the podcast in 2006. At the time, podcasting was relatively new and unproven, and Brian had no idea if it offered any business potential. But as an educator at heart, and descending from a long line of teachers, teaching others about finance was a natural outlet.

But the podcast did something else to increase business, something that was very unexpected.

Brian was frustrated that when someone reached out for financial advice, they couldn’t get any unless they met the firm’s minimum asset requirement. The only other option was to connect with a shark in the industry who only wants to sell them products. But The Money Guy Show enabled him to get great information out to the masses. That created a huge market for potential future clients.

Bo’s first connection with Brian was as an intern while he was still in college. That internship held the potential to become a full-time hire – the first, since Brian operated as a sole proprietorship up to that point.

By 2010, Bo came on air as the cohost of The Money Guy Show and things began to take off.

“After a few years, we did recognize how hungry our audience was for not only great free financial information, but also for sound financial management and guidance,” Bo recalls. “Once we saw that, we began getting more intentional about telling our audience what we did for our “day jobs”, and then it seemed like the flood gates opened.”

The Abundance Cycle was a major part of that success. Bo even describes it as Abound Wealth’s single greatest competitive advantage.

“We give away free information through The Money Guy Show, our website, and social channels,” Bo explains. “Our audience applies what they learn to their financial lives and as they grow, they eventually come back to where it all started.”

Zero in on a Niche

Another piece of advice worth considering from a different financial advisor: “My best advice is to become an expert in one area,” recommends Jodi D’Agostini, advisor at Equitable Advisors. “Over 70% of financial advisors with large books of business have a “niche” practice. This doesn’t necessarily limit you to that niche but becoming the ‘go to’ source in one area brings you a larger audience and distinguishes you among a large pool of competitors.”

The Secret Sauce for Successful Podcasting

Creating a successful podcast series isn’t a case of “if you build it, they will come”. Though Bo readily admits the direction of the show continues to be a work-in-progress, they’ve found success with the following strategies:

1.  Give the audience what it wants to hear

The podcast covers everything from trending financial topics to bread-and-butter subjects like taxes and Roth IRAs, to basic financial lessons. “The stimulus and relief bill content we made last year during the pandemic did very well,” Bo reports. “Whenever there’s huge financial news that affects a lot of people (legislative changes, economic shifts, etc.), we have a lot of folks tune into our show to hear about it.”

2.  Learn from your audience

Content ideas come from everywhere. Sometimes they come from situations in Bo’s and Brian’s personal or business lives. Other times they come from email suggestions from fans or clients, trending topics in the news, or brainstorming sessions in content meetings.

3.  Maintain a regular schedule

To build a loyal following, listeners need predictability. “We do have a set schedule,” reports Bo. “And we’ve found that creating and putting content out there consistently is probably the biggest key to sustained growth. We have new full-length episodes every Friday.”

Taking a Plunge into Uncharted Territory – The Magic of YouTube

Though it seems like a natural outgrowth of the podcast series, The Money Guy Show YouTube channel was something of a happy accident. Bo and Brian were asked to do a video series for over-the road-truckers from Progressive in 2017.

“Progressive wanted us to do an eight-part series to help both drivers and owner-operators,” Bo recalls. “One of their requirements was that two of the shows be done as video formats – which we had never done!”

But Bo found a local video connection right in Franklin, Tennessee. It went so well, they all agreed they could do it for every show. Reports Bo: “Since then, we’ve seen massive growth on YouTube and have been amazed at how much quicker our audience (or new viewers) absorb our content through the video medium versus strictly the audio podcast medium.”

Bo and Brian were able to convert their podcast experience into a successful channel. The Money Guy YouTube channel currently has 199,000 subscribers just four years after launch.

Accident or not, the YouTube channel does parallel the podcasts.

“Our podcasts and YouTube premieres happen simultaneously on Friday mornings,” according to Bo. “Some of the live streams we do on YouTube and Facebook at 10 AM Central on Tuesdays are only possible on YouTube. But those make it to the podcast stream a few days later.”

In an additional twist, the Tuesday morning live streams on Facebook are delivered in a dedicated question-and-answer session for the live audience.

Bo’s Advice for a Successful YouTube Channel

Bo’s advice on building a successful YouTube channel, not surprisingly, has several moving parts.

1. Much like The Money Guy Show podcast, the YouTube channel wasn’t an overnight success

“We started the channel in 2017,” recounts Bo. “And like probably all new YouTube channels, growth was slow at the beginning.”

He reports having some videos do really well, accelerating the growth of the channel. “Our ‘Net Worth by Age’ and ‘Average 401(k) Balance By Age’ annual videos are very popular. Just a few months ago, our ‘Financial Advisors React to Money Advice on TikTok’ had a bit of a viral moment, but I would still say that quality, consistent content has been the key to our growth.”

2. YouTube converts visitors to clients faster than the podcast

Bo and Brian found YouTube to be an excellent way to not only build their business, but to convert listeners/viewers into clients more quickly. “What’s incredible is that it used to take a podcast listener a few years to reach out about potentially becoming a client,” says Bo. “With YouTube, we’ve seen that shrink down to a matter of months or even weeks.”

3. YouTube generates additional revenue

Bo doesn’t supply revenue information on the YouTube channel, but he does say it’s provided enough additional income to grow the content team and put out new projects.

One of those new projects is Abound Wealth’s Financial Order of Operations. It’s a 9-step process to help people decide exactly what they should do with their next dollar. The partners make the course available at a cost of $249.

“A lot of people – we call them Financial Mutants – are great at saving,” Bo cautions. “But they second-guess whether they’re making the right decisions or doing things in the right order. Our Financial Order of Operations serves as an instruction manual for how to command your Army of Dollar Bills as effectively and efficiently as possible.”

That’s the kind of program you can create and promote when you have a significant number of subscribers on YouTube.

4. Content, content, content!

This is the first rule of the Internet, and one I myself am very familiar with after years of making money on the web. Whether it’s a blog, a podcast, or a YouTube channel, your success will only be as great as your content.

Warns Bo: “Content should be your first priority – is what you have to say valuable to others? Consistency should be your second – are you willing to scream into the void long enough for people to find you?”

“Once I realized some of our wealthiest clients tended to disagree how they manage and plan their finances, I partnered with an amazing marriage family therapist to create a podcast and YouTube channel called The Millionaire Marriage,” adds Taylor J. Kovar, CFP and CEO at Kovar Wealth Management. “By combining the clinical knowledge of a therapist with my background as a CFP, we’ve been able to help couples find the wealth in their marriage (pun intended) and the byproduct of that has been a growth in both of our practices.”

5. You’ll need to promote your YouTube videos

Bo and Brian promote their YouTube content on their social media channels, like Facebook, Instagram, and Twitter. They also use their website, and to their email list. “Outside of that…” Bo advises, “the YouTube algorithm grabs and promotes your content to people that are already on YouTube.”

How The Money Guy Show Podcast and YouTube Channel have Transformed Abound Wealth

Bo estimates that about 95% of Abound Wealth’s new clients now come from the podcast and YouTube channel. Though this method of marketing isn’t for everyone, he does believe it can help a lot of small businesses.

But he cautions, “Don’t try to recreate The Money Guy Show. Find out what you’re passionate about and find a way to get others to enjoy being a part of your journey to explore and share that passion. That’s how you build a true tribe and community.”

Indeed, marketing a business is changing rapidly in the 21st century. Warns Ray Prospero, Partner Advisor at AdvicePeriod, LLC: “When I started in the financial services industry over a decade ago, the way most advisors built their business was through cold-calling, which we newly-minted advisors used to affectionately refer to as ‘smiling and dialing’. But building a business on cold-calling is virtually impossible today. I’ve adapted and now use social media to help build my business. The primary social media tool I use is LinkedIn, where I use LinkedIn’s Sales Navigator.”

If you can create the right blend of content and media, your business just might take off. Bo Hanson, Brian Preston and Abound Wealth are a perfect example of how that can happen.

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From Struggles to Success: Ajamu Attard’s Inspiring Entrepreneurial Journey



From Struggles to Success: Ajamu Attard's Inspiring Entrepreneurial Journey

Ajamu Attard is the National Director and CEO of Student Support in Canada, and his journey as an entrepreneur has been riddled with struggles and successes along the way.

With an intense determination to better his community from the get-go, young Attard, now 27, has been the recipient of about a dozen prestigious awards such as Top 20 Under 20 Award and the Lincoln M. Alexander Award.

“Just a couple years before receiving those awards, I was in a shelter,” says Attard, looking back to high school.

Early struggles as a student

Attard faced hardships during his school years, but he remained determined to make a positive impact. Despite years of struggle and what he frankly describes as a period of temporary mediocrity in his academic career, Attard decided to focus all his efforts on improving his own life and becoming a leader in his community.

Although Attard coasted through school for a while, his situation quickly changed and he went on to become an entrepreneur and a community leader in his own right.

Attard took a victory lap, and focused all his spare time on bettering his community and helping his fellow students realize their potential and find new opportunities in academics, post-secondary education, funding and scholarships, and community involvement opportunities.

Attard went on to continue making a difference, launching community initiatives to help eliminate racial discrimination in Ontario. Among other efforts to assist in his community, this is the one that would get him nominated for the Lincoln M. Alexander Award.

Having experienced racial discrimination himself, and being one of the few students of colour in Peterborough, Ontario, Ajamu Attard decided to take a stand and help his fellow students in more ways than one.

Attard helped his fellow students write scholarship applications, and eventually went on to start a scholarship matching service for students. The service was successful, helping students acquire over half a million dollars in scholarship funding.

Attard says students would struggle to find the right scholarships at the time, and would ask for his help.

“All they wanted was for someone to find the opportunities for them,” says Attard.

It was shortly thereafter that both Attard’s peers and staff at his school began to take notice of his remarkable achievements as well as his determination to make a difference in the lives of his fellow students.

Ajamu Attard says if he didn’t have the support of staff, who later became aware of his situation, he would have gone down the wrong path.

“Many teachers took extra time out of school to quite literally support me because they found out I was working two jobs and doing all these different things,” says Attard.

One situation stood out to Attard in particular when a teacher sat him down and told him to avoid hanging the wrong crowd, and to go all-in on his vision. Speaking highly of his potential and his intelligence, young Attard was given a second chance to make something of himself.

It was then that Attard became hyper aware of the potential vices as well as the pitfalls of being not just a student, but a struggling student – a student that was struggling financially, emotionally and with clarity. With an unpredictable future, it was hard to make the right decisions to drive positive growth.

At the time, it was hard to think long-term because Attard was struggling with poverty and anxieties brought about from his turbulent childhood and living situation.

According to Ajamu Attard, making a definitive decision to change and impact his community for the better was one of the best decisions he has ever made. At the time, seeking to affect more positive change and expand his efforts within the community and in his own work, Ajamu Attard went on to find Student Support.

The launch of Student Support

It was in second year at Carleton University in Ottawa, Ontario, where Attard met fellow students, and later to-be cofounders: Brent Colby and Scott Braddon.

Attard speaks highly of his co-founders, and says they were equally as driven and determined, both with a voracious appetite to learn as much as possible about starting a social enterprise.

Student Support officially started in 2021, after two of the three co-founders had graduated. Starting well after the scholarship service Attard had created, he felt confident knowing he had the prior experience under his belt.

The team decided to make Student Support a service that would benefit students and help make essential supports more affordable to the student body.

It was in the early stages that Ajamu Attard was reminded of both his struggles and successes as a student. He recalls truly being able to focus and devote his energy towards building his community as well as profitable enterprises when he was given help by teachers and peers.

Today, Student Support is partnered with major services that provide a whole range of support services to students from education to fitness and writing tools.

Student Support partners with Calm, Udemy, Nimbus Learning and Aaptiv to provide students with support throughout the university year at a fraction of the cost.

“We’re talking about 98 percent off,” says Attard.

Though many students have been in favour of Student Support, there has been occasional pushback by student organizations over the years, and Student Support was able to overcome that each time.

Student Support provides services to the student body after a referendum at each institution, and after gaining majority support, they provide their services. Students still have the option, however, to opt out at any time.

Attard says Student Support’s journey has been inspiring and filled with lessons along the way.

One thing that inspired Attard was that some students would opt in to Student Support even if they didn’t need the service. Their goal was helping their fellow students get access to essential supports and help lessen the cost burden among the student body.

Attard says it’s fulfilling to know that Student Support empowers students to be able to empower their fellow students to gain access to the support they need.

Between essential writing services, meditation services, a near limitless archive of education resources and more, Student Support is eager to form more strategic partnerships and meaningful relationships to bring more services to students at a fraction of the cost.

Next steps for Ajamu Attard

While current day-to-day operations at Student Support keeps Ajamu Attard on his feet and working around the clock, he does his best to continue giving back to the community and exploring his passions.

Ajamu Attard attended a convention with RISE – an organization that lends funding and support to entrepreneurs with mental health issues.

Attard is also exploring speaking opportunities to discuss social entrepreneurship, and encourage others to follow their passions as well. On his website, he allows organizations to book him for conferences and as a keynote speaker.

Attard wants to leave budding entrepreneurs and students alike with a final note.

“Community is about uplifting each other, and it’s our job to make the world a better place.”

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Small Business Survival: Joseph Kenney on Why Understanding Consumer Behavior is Key



Joseph Kenney

Small businesses are the backbone of any economy. They contribute significantly to the growth and development of a country. However, the survival of these businesses is not guaranteed, especially in today’s ever-changing business landscape.

One of the key factors that determine the success or failure of a small business is the understanding of consumer behavior. This article delves into why understanding consumer behavior is essential for small businesses, with insights from Joseph Kenney, a business strategist, and founder of several businesses including the award-winning 316 Strategy Group.

Joseph Kenney has worked with numerous small business owners, and his experience has shown that understanding consumer behavior is crucial for the success of a small business. “Many small business owners make the mistake of assuming they know what their customers want, without really taking the time to understand their behavior,” he says. “This can lead to missed opportunities, lost revenue, and ultimately, the failure of the business.”

Identify Target Market

The first reason why understanding consumer behavior is crucial is that it helps small business owners to identify their target market. Without understanding who their customers are and what they want, businesses can waste a lot of time and resources marketing to the wrong audience. “You can’t be all things to all people,” says Kenney. “It’s essential to understand who your ideal customer is, what they like, and how they behave. This knowledge will help you tailor your marketing messages to resonate with them.”

For instance, consider a small business that sells children’s toys. Without understanding the behavior of parents and what motivates them to buy toys for their children, the business might create marketing messages that don’t resonate with them. However, if the business understands that parents are motivated by the desire to see their children happy and entertained, they can create marketing messages that emphasize the fun and educational aspects of their products.

Stay Ahead of the Competition

The second reason why understanding consumer behavior is important is that it helps small business owners to stay ahead of their competition. By understanding what their customers want and need, businesses can create products and services that stand out from the competition. “It’s not enough to create a product or service and hope that people will buy it,” says Kenney. “You need to understand what your customers want and tailor your offerings to meet those needs.”

For example, consider a small business that sells organic skincare products. By understanding the behavior of consumers who are interested in natural and organic products, the business can create skincare products that are not only natural but also effective. This will give the business a competitive edge over other skincare products that might only be natural but not as effective.

Better Customer Experiences

The third reason why understanding consumer behavior is important is that it helps small business owners to create better customer experiences. By understanding what their customers want, businesses can create products and services that meet their needs and provide a better overall experience.

“People want to feel heard and understood,” says Kenney. “When businesses take the time to understand their behavior, they can create experiences that leave a lasting impression.”

Consider a small business that sells clothing at a women’s boutique. By understanding the behavior of their customers, the business can create a shopping experience that is personalized and memorable. For instance, they can offer personalized recommendations based on the customer’s style and preferences. This will make the customer feel valued and appreciated, leading to repeat business and positive word-of-mouth.

However, understanding consumer behavior is not easy. It requires businesses to gather and analyze data on their customer’s behavior, preferences, and needs. This can be a daunting task, especially for small businesses that may not have the resources to invest in data collection and analysis. Kenney suggests that small business owners can start by talking to their customers, asking for feedback, and observing their behavior in-store or online. Kenney suggests that business owners should have meetings with their point-of-sale representatives to access the valuable data stored in the POS system. According to Kenney, more than 95% of businesses fail to utilize this consumer-rich data.

“It’s important to make customer feedback a part of your business strategy,” he says. “You should always be listening to your customers and using that feedback to improve your products and services. This will help you stay ahead of the competition and create a better overall customer experience.”

Understanding consumer behavior can also help small businesses adapt to changing trends and consumer preferences. For instance, during the COVID-19 pandemic, many small businesses had to pivot their operations to online sales as more consumers shifted their shopping habits online. Businesses that understood the behavior of their customers and were able to adapt quickly were more likely to survive the pandemic than those that didn’t.

Understanding consumer behavior is essential for the survival of small businesses. It helps businesses identify their target market, stay ahead of the competition, create better customer experiences, and adapt to changing trends and preferences. “The businesses that succeed in the long term are those that understand their customers and tailor their offerings to meet their needs,” says Kenney. “Small businesses that fail to do so will fail to exist.”

As a small business owner, take the time to understand your customers and their behavior. Listen to their feedback, observe their behavior, and use data to inform your business decisions. By doing so, you can create products and services that meet their needs, stand out from the competition, and provide a better overall customer experience. In the end, this will lead to more sales, repeat business, and positive word-of-mouth, helping your small business thrive and grow.

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Tech Leaders and Experts Call for Curbing AI Tech Advancements: What are The Pros and Cons?



In recent years, Artificial Intelligence (AI) has made great strides in advancing various fields, from medicine and science to transportation and entertainment. However, with the growing concerns over the potential risks of AI, some tech leaders and experts are calling for curbing the development of AI technologies.

In this article, we will explore the pros and cons of curbing AI tech advancements and evaluate whether it is a good idea or not.

AI tech adoption

Pros of Curbing AI Tech Advancements

1. Ensuring the safety and security of humans

As AI technologies continue to become more advanced, the potential risks associated with them also increase. This includes the possibility of AI systems causing harm intentionally or unintentionally.

For instance, AI-powered self-driving cars may malfunction and result in accidents that result in harm or even death. We can ensure that AI development is carried out in a safe and secure manner and reduce the hazards connected with these technologies by limiting the advancement of AI technology.

2. Preventing the loss of jobs

Many occupations could be automated as a result of the advancement of AI technology, which could result in a large loss of employment across a number of industries. As people struggle to find employment in a society that is becoming more and more computerized, this could cause economic and social unrest.

We can decrease the pace of automation and avoid the loss of jobs that are still essential to our economy by limiting the development of AI technology.

3. Addressing biases in AI systems

There have been numerous instances of racial, gender, and other biases in AI systems. This may have discriminatory effects and exacerbate social injustices already present. We may concentrate on correcting these biases and making sure that AI systems are fair and unbiased by limiting the development of AI technology.

4. Protecting privacy and human rights

AI systems have the capacity to gather and analyze enormous amounts of data, which can be used to violate people’s privacy and human rights. This includes the unintentional identification of persons using facial recognition technology or the discrimination against particular groups of people by AI algorithms.

We can create rules that safeguard individuals’ privacy and stop AI systems from being misused by limiting the development of AI technology.

Encouraging business innovation

Cons of Curbing AI Tech Advancements

1. Limiting innovation and progress

AI has the ability to transform numerous industries and open up new doors for advancement and creativity. AI might be used, for instance, to strengthen transportation systems, speed up scientific research, and improve healthcare outcomes. We risk missing out on the advantages AI can offer if we slow down its technological development.

2. Stifling creativity and innovation

In the arts, like as in music and literature, AI is also employed. We could reduce the possibility for new kinds of creative expression and innovation by limiting the progress of AI technology. AI algorithms, for instance, can be utilized to produce new musical compositions or visual art. We might inhibit creativity and innovation in these and other sectors by restricting the growth of AI.

3. Hindering scientific research

By restricting the development of AI technology, we could impede breakthroughs in a number of disciplines, including physics, environmental science, and medicine.

AI is an important instrument for scientific research. AI can be used, for instance, to examine huge datasets and spot patterns that are hard or impossible for humans to see. We could impede scientific advancement in these and other disciplines by restricting the growth of AI.

4. Falling behind in the global AI race

Governments all over the world are making significant investments in AI research and development; if we slow down the development of AI technology, we run the risk of falling behind in this race. Long-term economic and national security ramifications could result from this, since nations with advanced AI technology may have a competitive advantage over those without it.

AI and business relations


Both the pros and cons of curbing AI tech advancements need to be carefully considered before any decisions are made. While there are valid concerns about the potential risks associated with AI technologies, it is also important to recognize the potential benefits that AI can bring to various fields.

The choice to limit the development of AI technology should ultimately be weighed against the possible advantages and disadvantages of doing so, with the necessary safeguards in place to protect the public.

Now over to you: In your opinion, is it a good idea to curb the AI tech advancements? Why? Please share your thoughts.

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