AI and the future of financial advisors

Will we become obsolete?

The one question on everyone's mind in a room full of 200 advisors last Friday.

I listened to Michael Kitces and Carl Richards talk about AI and the future of our industry.

Their core message was simple:

AI won't replace great advisors.

It will force us to become better ones.

Technology will handle more of the admin and technical work. It will allow us to go deeper with clients, not further away. 

Carl reminded us that not too long ago, you had to call a stockbroker just to get a quote, let alone place a trade.

Michael summarized his perspective by stating the business will still come down to two things: relationship and trust.

I agree. That realization, that this business is all about relationships and trust, is what made me change careers almost 15 years ago.

Money will always be extremely personal and emotional. Clients with enough complexity and enough wealth will always desire a human touch.

AI will change how we work.

It won't change why clients hire us.

Saving this post to either prove myself right in 10 years or to explain to my daughter why I'm looking for work.