Will AI replace Personal Financial Advisors?
Estimated risk score: 70 out of 100
High replacement risk
Estimate from published task research, not reviewed by a person · how we estimate
Within about 19 points for 4 in 5 of the jobs we checked (51 to 89).
For the occupation as a whole, from ratings of its 21 O*NET tasks published in 2023 and calibrated to our hand scores. A specialty inside it can sit higher or lower.
O*NET-SOC 13-2052.00 · Business and Financial Operations
Tasks rated in 2023 as ones AI could do or speed up
Tasks a GPT-4-class model could do, or do in half the time or less: 11 of its 21 rated tasks; the first 6 are shown. In O*NET’s words.
- Answer clients' questions about the purposes and details of financial plans and strategies.
- Contact clients periodically to determine any changes in their financial status.
- Devise debt liquidation plans that include payoff priorities and timelines.
- Manage client portfolios, keeping client plans up-to-date.
- Monitor financial market trends to ensure that client plans are responsive.
- Prepare or interpret for clients information, such as investment performance reports, financial document summaries, or income projections.
Tasks rated in 2023 as not sped up by AI
Tasks such a model was rated as not speeding up or taking over: 1 of its 21 rated tasks. In O*NET’s words.
- Meet with clients' other advisors, such as attorneys, accountants, trust officers, or investment bankers, to fully understand clients' financial goals and circumstances.
What the job is
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.
Also called: Financial Planner, Certified Financial Planner (CFP), CFP, SRI Advisor, PWM Associate, Client Advisor, Estate Trustee, Investment Rep.
Closest jobs we score by hand
In the same field (Business and Financial Operations). Different jobs, each scored by a person.
Source. This site includes information from the O*NET 30.1 Database by the U.S. Department of Labor, Employment and Training Administration (USDOL/ETA). Used under the CC BY 4.0 license. O*NET® is a trademark of USDOL/ETA. USDOL/ETA has not approved, endorsed, or tested these modifications. (O*NET, CC BY 4.0.) Task ratings: Eloundou, Manning, Mishkin and Rock (2023), “GPTs are GPTs: An Early Look at the Labor Market Impact Potential of Large Language Models”, data used under the MIT licence (licence texts). Our change: we averaged the ratings over this occupation’s tasks and calibrated them to our 0–100 scale. It is not a prediction about any one person and not career advice. Disagree? Write to hello@yourstopwashit.com. How we estimate