Financial advisers gather and analyze data about their clients and potential investment vehicles, interpret the implications given a variety of factors such as risk tolerance, recommend an investment strategy, and help their clients carry this strategy out over time.
These highly skilled workers can command high rates because of three capabilities. Their abilities to go through the early rote tasks quickly and accurately; their experiences and judgment in determining a course of action; and their savviness for helping clients navigate that course. AI and machine learning will quickly surpass our abilities on the first two capabilities—and this will shift the skillset required for any worker wishing to stay in these careers as they are transformed by artificial intelligence.
It’s easy to see the role of automated systems in data gathering and analysis. We’ve accepted that machines can do these types of tasks efficiently. However, their potential goes much further. Human beings are limited, and often biased. Doctors will never be able to keep up with every new publication in their areas of expertise. Instead, they must rely on a small number of personal experiences rather than the complete knowledge in their field. Consultants, too, can only experience so many company transformations over their careers. From a narrow set of experiences, they form their preferences, expectations, and insights. Human beings can’t just plug in more servers when we reach our limits processing new information. Instead, we must rely on our own, often biased, preferences, habits, and rules of thumb.