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How exposed to AI is a Personal Financial Advisor?

Of the 21 tasks O*NET lists for personal financial advisors, 9 could be done in half the time with a chat window today. 1 cannot be sped up at all. Here is which.

Exposure means published research judged an AI could halve the time a task takes, at the same quality. It does not mean the task stops needing a person. How to read this

Also called
Certified Financial Planner (CFP)Financial AdvisorFinancial ConsultantFinancial CounselorFinancial Life PlannerFinancial PlannerInvestment AdvisorPortfolio ManagerWealth AdvisorWealth Manager
Reachable today Needs software built first Cannot be sped up
21
tasks rated for this occupation
92%
hold a degree, from a survey of 26
263k
people do this job in the US
4 of 48
least protected in business and finance

Every task, and what AI can do with it

These are O*NET's task statements for this occupation, exactly as written, sorted into the three bands by the ratings behind this report. Nothing has been reworded.

Reachable with a chat window today

9
  • Recommend to clients strategies in cash management, insurance coverage, investment planning, or other areas to help them achieve their financial goals
  • Answer clients' questions about the purposes and details of financial plans and strategies
  • Contact clients periodically to determine any changes in their financial status
  • Explain to clients the personal financial advisor's responsibilities and the types of services to be provided
  • Prepare or interpret for clients information, such as investment performance reports, financial document summaries, or income projections
  • Guide clients in the gathering of information, such as bank account records, income tax returns, life and disability insurance records, pension plans, or wills
  • Recommend environmentally responsible investments, such as cleantech, alternative energy, or conservation technologies, companies, or funds
  • Inform clients about tax benefits, government rebates, or other financial benefits of alternative-fuel vehicle purchases or energy-efficient home construction, improvements, or remodeling
  • Conduct seminars or workshops on financial planning topics, such as retirement planning, estate planning, or the evaluation of severance packages

Only with software built on top

11
  • Interview clients to determine their current income, expenses, insurance coverage, tax status, financial objectives, risk tolerance, or other information needed to develop a financial plan
  • Manage client portfolios, keeping client plans up-to-date
  • Implement financial planning recommendations, or refer clients to someone who can assist them with plan implementation
  • Analyze financial information obtained from clients to determine strategies for meeting clients' financial objectives
  • Review clients' accounts and plans regularly to determine whether life changes, economic changes, environmental concerns, or financial performance indicate a need for plan reassessment
  • Investigate available investment opportunities to determine compatibility with client financial plans
  • Recommend financial products, such as stocks, bonds, mutual funds, or insurance
  • Monitor financial market trends to ensure that client plans are responsive
  • Recruit and maintain client bases
  • Devise debt liquidation plans that include payoff priorities and timelines
  • Open accounts for clients, and disburse funds from accounts to creditors as agent for clients

Cannot be sped up

1
  • Meet with clients' other advisors, such as attorneys, accountants, trust officers, or investment bankers, to fully understand clients' financial goals and circumstances
What this does not say

This is not a prediction about your job

Nobody surveyed an employer. Tasks are counted equally, so a percentage here is a share of the list rather than a share of your week. And the ratings were made in 2023, which makes every figure a floor rather than a ceiling.

It must never be used to select anyone for redundancy. The full limits are here.

Where to go next

This is the standard task list for the title. The useful next question is which of the tasks you actually do should go near AI, and which should not.

Sort your own tasks Read the full report

Exposure ratings from Eloundou, Manning, Mishkin and Rock, GPTs are GPTs: Labor market impact potential of LLMs, Science 384, 1306–1308, 2024, used under the MIT licence. This page includes information from the O*NET 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. People Team AI has modified all or some of this information. USDOL/ETA has not approved, endorsed, or tested these modifications. Employment figures from the US Bureau of Labor Statistics.