Personal Financial Advisors

Jan Lu says

Addressing the broader issue of whether AI will replace not only finial services workers but also workers in general:

I’m completely on the fence when it comes to which jobs and when AI will replace the human workforce. I don’t underestimate the ambitions of tech producers and the average human being's preference for the quick, easy, and cheaper option to bring about such a situation. And let’s not forget how far technology has come since the Internet, let alone the simple calculator.

All this said we shouldn’t think that the scenario where AI could replace the human workforce is one that’s predetermined. “We” (everyone single one of us) have the collective ability to cause or prevent such an eventuality. We must also consider how viable an AI-dominated society and economy would really be. Every government across the globe would have its hands cut out with a population whose majority is unemployable. Imagine the civil unrest? Another consideration is the damage this could do to the economy; if a massive portion of humanity isn’t working, and isn’t getting a wage like they used to, we would see an unprecedented reduction in the flow of money around the economy. And what happens to money when there is a lack of exchange taking place? Doesn’t the value of money decrease? The financial advisors in this forum would be the best to elaborate on this or to correct my statement.

In conclusion: while I have no doubt that the ambitious tech lords and their acolytes will do what they can to bring about an AI world, the question of whether humans from governments to ordinary citizens will allow it is another thing altogether.

David says

Honestly, this job feels like people coping/in disbelief mode like Librarian was in say 2004. "people will still want us and need us don't worry, we have personal care, robots or tech won't replace us". In reality, future people will simply skip the step of using advisors because there are too many free sources of data and the market is so easy a chimp could invest.

For example, look at what services SoFi offers on their brokerage it's revolutionary. When you first heard "stonks always go up brrrrr" then that was the exact point the financial advisors and other various staff felt the chill up their spine of oncoming obsolescence.

Like Librarians in 2004 though, if you have the job now you won't even consider retirement for 15 years you're good. Are Advisors being used by Millennials and Gen Zoomer? I really am beginning to doubt it highly, they will just put all their money in SPY, QQQ, SOXL, REITs and move on with their lives.

Robots didn't kill Advisors but technology did and the ETF.

Dan Pimental Strategy says

Personal finance isn't interesting to everyone! And it doesn't have to be. But if you're neglecting your finances, it's likely worth it to hire. A financial advisor is not just someone who helps with investments. Their job is to help you with every aspect of your financial life.

Mr. Daniel Pimental says

A financial plan creates a roadmap for your money and helps you achieve your goals. Without financial planning, future success cannot be expected.

Personal Investor (Likely) says

Robo advisors are getting more powerful and more popular!

jeroen Arendonk (Small chance) says

Because people like talking to people instead of the computer

GGF (Highly likely) says

I work in an investment firm in Mexico and we are already automating it.

Jason (Highly likely) says

I’m a FA, most of my peers are simple sales people who offer nothing unique in the way of asset management. Everything they do other than “hand holding” during scary markets can easily be replicated by a computer interface. While this is important, people like me have developed systematic forward looking rules based algos that will and have protected client assets from large market drops. This will alleviate the necessity to “hold hands” - perhaps dim underestimating the value of human to human contact but I doubt it.

Robot says

Robots can handle the admin tasks, but not the planning. Planning is more personal than financial. Good luck bots.

Mitch (No chance) says

Just don't see it happening.

Lot of emotional intelligence in planning.

AI will just make planners better.

Max (Small chance) says

People raised in an age of recession prefer to bank in person because they are comforted by seeing the place their paycheck and deposits go each week.

Core (Highly likely) says

Financial robots have been used in companies for a long while. The analysis of personal data and big data will be the doorway for robots to enter personal finance.

AI Robot (Highly likely) says

I'm coming for your jobs Financial Planners. Learning fast. Give me 10 years.

Will says

Sounds like you guys are financial advisors. lol

Mr. Planner says

Genuine financial planning has so much overlap with therapy. Helping people make the most of their lives with the money they have, is the job. This site needs to seriously reevaluate this ranking.

All the best,
Mr. Planner.

Jim (No chance) says

My financial planner coaches me on life steps and how that will impact my money. These so called Robo advisors just shoot out a boring allocation like a target date fund.

Some Financial Advisor (Small chance) says

The markets are unpredictable, and require insight into human nature to understand - something that computers lack.

Amber (Could go either way) says

Personal financial planners must provide customized plans that fulfil personal needs. The process involves engaging and inspiring and educating the may not be easily replaced by robots or preprogrammed systems.

Gary the Investor says

How can financial planning be automated when it is about building relationships and connecting with people? It'll be a dark day in hell when I have to review my portfolio with a robot. Risk of automation is 0% in my book.

Riley says

Real financial planning requires a high degree of emotional competence and coaching. Financial planning is far beyond the numbers. One of the biggest value-adds of developing a long-term relationship with a financial planner is setting goals, learning about your values, and defining the life you want to live. These are responsibilites that cannot simply be automated. Just take a look at people's current financial situation across the US and the world. Everyone knows they should be saving more, yet few do. A financial planner is an accountability partner and coach. I do not see this ever being automated.