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...
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