ChatGPT means each firm could only need one human adviser

‘It is in advisers’ own interests to embrace, rather than fight the tide’

Hope William-Smith
clock • 1 min read

Integration of fintech that uses ChatGPT and artificial intelligence (AI) into advice theoretically means each firm would need just one human adviser in the future, according to AdviceBridge.

Chief commercial officer Bruce Ely-Johnson said up to 80% of the 27,500-strong adviser community could become redundant. "If a system can replace [advisers], then would each firm require as many advisers as it currently has," he questioned. "With roughly 5,230 advice practices then theoretically you would only need one adviser per firm. "Advisers will be replaced by generative AI/ChatGPT, but not those that embrace it." Ely-Johnson added that paraplanners were "probably most at risk". For advisers, he noted those who "turn the other way" and ignore fintech advances could be "settin...

To continue reading this article...

Join Professional Adviser

  • Unlimited access to real-time news, industry insights and market intelligence.
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters.
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection.
  • Members-only access to the editor’s weekly Friday commentary
  • 
 Be the first to hear about our events and awards programmes.

Join

 

Already a Professional Adviser member?

Login

More on Technology

Robo advice market predicted to hit £4.6trn in the next four years

Robo advice market predicted to hit £4.6trn in the next four years

Survey says ‘robo advice is gaining momentum and doing so at speed’

Hope William-Smith
clock 10 July 2023 • 1 min read
Artificial intelligence a disruption not a threat to advisers' jobs

Artificial intelligence a disruption not a threat to advisers' jobs

The future of advice: Artificial intelligence is ‘disrupting technology’

Sahar Nazir
clock 19 May 2023 • 1 min read
Nick Rosser speaks at PA360

PA360: Solid third party relationships crucial for tackling cyber risks

Advisers have been warned to look at better improving their resilience

Elliot Gulliver-Needham
clock 26 April 2023 • 1 min read