As a financial advisor, your job may be at risk in the next decade or two.
It's not the economy that's the culprit here. Or the studies that have shown younger generations are more apt to bypass the advisor, putting traditional advisory jobs in jeopardy.
Rather, the threat stems from mobile robots and 'smart' computers, according to
Personal financial advisors face a 58% risk of having their jobs become automatable, according to the
In fact, the study – which estimated the probability of computerization of more than 700 occupations – shows that job automation may threaten half of the U.S. workforce.
"Our model predicts that most workers in transportation and logistics occupations, together with the bulk of office and administrative support workers and labor in production occupations, are at risk,” write the study’s co-authors,
Perhaps unsurprisingly, those within the advisory industry express some skepticism about the research.
The more technical aspects that wealth managers provide — such as estate planning, tax planning and inter-generational wealth transfer — should be safer from digital takeover, Welsh argues. “Just like TurboTax didn’t put the accountants out of business and Legal Zoom didn’t put the lawyers out of business, same for wealth management.”
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