Tired of hearing how human advisors must compete with robo-advisors? Rest assured, yours isn’t the only industry to face disruption by artificial intelligence.
The labour market in general will be hit by the wrecking ball of robotics, reports the Financial Post. In fact, the upcoming federal budget is expected to examine the potential of artificial intelligence to disrupt “industries, politics and entire societies.”
A research project at Oxford University finds 47% of jobs are at risk of automation, reports the Post. As expected, at-risk jobs involve repetitive tasks — everything from tax preparing, insurance underwriting and truck driving.
For example, the ability of machines to speed-read fields of data means there are far fewer brokers on Wall Street in 2013 than in 2000, says the Post, citing Martin Ford’s Rise of the Robots.
Another study by McKinsey researchers suggests that careers won’t be wiped out, but individual tasks will.
Generally, it’s a safe bet that jobs that survive will tend to involve unpredictability and interpersonal skills — skills sure to sound familiar to advisors.
And, with research also showing that more and more clients expect great digital service from their advisors, the coming robotics revolution could prove complementary for advisory services.
Read the full article.