Financial Advisors Aren’t Worried About AI Impacts to Industry
Almost all financial advisors call bluff on the potential impacts of artificial intelligence in their roles.
New research from wealthtech provider Advisor360° found that 90% of advisors are skeptical that AI will turn their jobs obsolete within the next 10 years. In fact, 69% of advisors believe their roles will remain essential, while 21% expect the number of advisors to decrease due to the technology.
Just 8% of advisors surveyed believe AI will phase out their careers.
Over half of advisors (53%) point to human capabilities like emotional intelligence and empathy as a primary divider, followed by communication and client coaching (51%). Technical skills, like AI tool management and data interpretation, ranked lower among advisors.
Their confidence shouldn’t be confused with arrogance however, as most advisors see AI as a future growth engine for firms. According to Advisor360°, 90% are interested in using AI tools to expand their service offerings, including tax planning (48%), model creation (47%), and retirement income planning (45%), and many regard the resource as a partner in creating holistic financial planning experiences.
“Advisors believe AI has the potential to help them do more for clients—not less,” said Jason Quinn, chief operating officer at Advisor360°. “Historically, expanding services meant adding headcount or stretching resources thin. With AI-enabled intelligence embedded into the advisor workday, they can deliver more sophisticated guidance without sacrificing quality.”
An influx of advisors are likely to utilize AI in the near future, as more report a decline in overall satisfaction with firm technology. According to Advisor360°, 66% say their firm’s technology needs improvement, up from 50% last year. Those who say their technology is “state of the art” also dropped from 35% to 28%, as more look to incorporate AI-enabled capabilities (39%) and limited integration among tools (37%) in their practice.
Further, advisors are looking for platforms that “anticipate their needs, streamline compliance, and enhance client interactions.”
“The industry hasn’t necessarily fallen behind—AI has moved the goalposts,” Quinn said. “Advisors want connected platforms that think, adapt, and evolve as their business grows. Digital transformation is no longer about digitization—it’s about elevating the advisor experience.”
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news. She is originally from Queens, New York, but now resides in Denver, Colorado.