AI technology unlikely to fully replace financial advisors: Morningstar

The rise of generative artificial intelligence (AI) technologies may have a significant impact on the wealth management industry, but human financial advisor roles are unlikely to be automated away according to one major financial services firm.

While AI has the capacity to rapidly provide financial insights by researching the vast expanses of the internet and investment firms have had robo-advisors available to clients for years, that combination may not result in the elimination of financial advisor roles. A recent article by Morningstar’s Danny Noonan suggested, “AI will change the game, but it is unlikely to replace financial advisors. Rather, it will likely be an enabler, helping advisors increase productivity and deliver better advice for complex client scenari