The FT ran an article last week of March on organisations most likely to be shaken up by AI. Top of their list was financial advisers.
IF we look back, IFAs have been one step ahead for over 30 years, marked by an annual announcement of someone from on high announcing the end of the small IFA practice. Regulation, standards, RDR, the ban on commission, the rise and fall of networks - one by one all have predicted the end, but lived to see their time in the light pass.
Challenges have been batted away by the simple fact that IFAs stay close to their clients. While you are close, you have nothing to fear. In front of a customer, everything is fine, until you are not in front of the customer and it's not fine, and then literally everything is wrong.
The biggest competitor to IFAs is the DIY investing world. DIY investing has now just become a whole lot more popular with CHATAI making portfolio suggestions, for free. https://chat.openai.com/chat is like Wikipedia, in that it is the single solution in neatly written prose, free of any advertising. And like Wikipedia, the world is up in arms that the information may be wrong. But the delivery of recommendations in neat prose is compelling, and will undoubtedly drive more customers, particularly those with time on their hands, into the hands of DIY investing. Ask it for a portfolio of income producing funds, and out pops the reply. That is just as compelling as it is alarming. But it is not for the faint hearted, nor for those without time on their hands.
Where does this leave you? Stay close, and you'll be fine - everyone needs an IFA, and IFAs are top trumps at advising. It will take more than ChatAi to replace you.