Ajen Mothee on the risks of AI financial advice

AI financial advice is becoming easier to access, but trusting a chatbot with major money decisions can introduce serious risks.

Ajen Mothee, Head of Innovation at Old Mutual Personal Finance, explains why more South Africans are turning to AI for financial guidance and where the technology can genuinely add value.

Mothee discusses how AI can help users learn financial terminology, build basic budgets, explore future scenarios, and prepare better questions for advisers. However, he warns that AI can deliver incomplete answers with convincing confidence, particularly around tax, estate planning, marital regimes, and major life decisions where personal context matters.

The conversation also explores Old Mutual’s approach to AI, including financial education, simulation, automation, and tools designed to augment human advisers rather than replace them. Mothee explains why experience, wisdom, regulation, privacy, and human oversight remain essential when financial decisions carry real consequences.

0:00 Intro

0:57 Why people use AI for financial advice

3:07 South Africa’s financial guidance gap

4:47 Where AI advice becomes risky

7:24 What AI cannot replace

13:16 Old Mutual’s approach to AI

22:48 How to use AI safely for money decisions

Follow MyBroadband: