Personal Financial Advisors
Moderate Risk (41-60%): Occupations with a moderate risk of automation usually involve routine tasks but still require some human judgment and interaction.
More information on what this score is, and how it is calculated is available here.
Our visitors have voted that it's unclear if this occupation will be replaced. This assessment is further supported by the calculated automation risk level, which estimates 42% chance of automation.
What do you think the risk of automation is?
What is the likelihood that this occupation will be replaced by robots or AI in the next 20 years?
The number of 'Personal Financial Advisors' job openings is expected to rise 15.4% by 2031
Total employment, and estimated job openings
Updated projections are due Sep 2023.
In 2022, the median annual wage for 'Personal Financial Advisors' was $95,390, or $45.86 per hour
'Personal Financial Advisors' were paid 106.0% higher than the national median wage, which stood at $46,310
Wages over time
As of 2022 there were 283,060 people employed as Personal Financial Advisors within the United States.
This represents around 0.19% of the employed workforce across the country.
Put another way, around 1 in 522 people are employed as Personal Financial Advisors.
Advise clients on financial plans using knowledge of tax and investment strategies, securities, insurance, pension plans, and real estate. Duties include assessing clients' assets, liabilities, cash flow, insurance coverage, tax status, and financial objectives. May also buy and sell financial assets for clients.
SOC Code: 13-2052.00
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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.
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.
Lot of emotional intelligence in planning.
AI will just make planners better.
The staff are unhelpful and untrained, cannot answer simple questions and it seems the solution to a problem is to call the call centre which I could do from home.
A physical visit to the bank is deliberately discouraged by management - it is not possible to find a manager in a bank.
Not much fun and clearly a strong incentive by the bank owners to discourage visits which will reduce the number of staff required. I do not see 'brick and mortar' banking surviving.
Most questions are dealt with through the call centre and I see this as the future. This can be fairly easily changed to a 'press 1 for...' system which once again removes the requirement for staff.
The service industries such as banking are ripe for automation. I think Digital Banking will change the requirement for a visit to the bank. What do you think?
All the best,
All the best,
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