Everyone should have access to financial advice — and now they do. Just fire up your favourite AI chatbot, and at your fingertips is advice that’s as good as any human can provide, or better. The bot probably knows more, and it’s almost certainly less burdened by conflicts and biases.
Chatbots are an earthquake for financial advisers, even if they don’t yet feel the tremors. Technology has already stripped brokers and fund managers of their once lucrative paydays, with online trading eliminating commissions and indexing slashing fund fees. Big banks and independent money managers have since pivoted to dispensing advice, the only place left to collect fees. The bots are now coming for that, too.
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Bloomberg Opinion
