Financial advisers need to 'wake up' to AI jobs threat

'AI is the greatest opportunity, but if you ignore it, it’s the biggest threat’

Sahar Nazir
clock • 1 min read

Financial advisers “need to wake up and smell the coffee” if they believe artificial intelligence (AI) is not going to take over their jobs, Financial Technology Research Centre founder and director Ian McKenna said.

Speaking to Professional Adviser, McKenna said the financial advice industry "has been engaged in a lie that technology can never do what advisers do". "Advisers are resistant to change, particularly the older advisers, which is why AI will be a catalyst for them," he said."We will see AI bots giving financial advice, and if you think it's not going to happen then you need to wake up. "AI is the greatest opportunity, but if you ignore it, it's the biggest threat." McKenna also warned that AI is affecting all industries, and this is not just about financial advice. He urged advisers...

To continue reading this article...

Join Professional Adviser for free

  • 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 Your profession

Special needs financial planning alliance set to launch

Special needs financial planning alliance set to launch

Exclusive: Alliance SENDFA will aim to tackle ‘skills gap’

Sahar Nazir
clock 25 July 2024 • 2 min read
TPR and ITV agree deal over Box Clever Pension Scheme

TPR and ITV agree deal over Box Clever Pension Scheme

All members expected to receive their pension benefits in full

Holly Roach
clock 25 July 2024 • 2 min read
Advisers see growing evidence of tax worries among clients

Advisers see growing evidence of tax worries among clients

Cost-of-living crisis sees clients struggling to pay tax bills

Sahar Nazir
clock 25 July 2024 • 1 min read