Is AI Coming for Our Jobs?

Artificial intelligence (AI) has quickly become the talk of Wall Street. Investors are comparing the current excitement to the internet boom of the late 1990s. But it’s not just investors who are paying attention; people everywhere are wondering what AI might mean for their jobs and livelihoods.

At KWB, we’re already seeing the benefits. We recently introduced a virtual meeting transcriber that saves our advisors hours of work. Instead of spending time writing up notes days after a meeting, they can now focus that time where it matters most, helping clients make better financial decisions. Accuracy has also improved, since details are captured in real time.

Of course, with every technological leap comes concern about job losses. We’ve seen it before: ATMs reduced the need for bank tellers, streaming services replaced movie rental stores, and music streaming made record shops obsolete. But technology also creates entirely new industries: e-commerce, digital marketing, app development, etc. AI will likely follow the same pattern: eliminating some jobs while creating new ones we can’t yet imagine.

Some predict AI will replace financial advisors entirely, reasoning that it can answer questions faster and more accurately than humans. But here’s the catch: getting the right answer depends on asking the rightquestion. AI is powerful, but it doesn’t truly understand your life, goals, or situation's nuances. For example, if you told AI you wanted to get out of the market, it might run risk analyses or ask about your time horizon. But it can’t weigh your emotions, history, or long-term plan the way a human advisor can after years of working with you.

So, which jobs are most at risk? Roles that primarily involve answering straightforward questions, like certain customer service or data-entry positions, may be automated in the next few years. However, professions that require judgment, discernment, and a deep understanding of context, such as lawyers, doctors, and financial advisors, will endure and thrive with AI as a tool.

Much like the internet revolutionized productivity, AI has the potential to spark another major boom. Yes, some jobs will disappear. But many more will be created, driving economic growth and opportunity. In my view, we’re standing at the start of a new growth cycle that could last for decades. This reflects my opinion and should not be interpreted as predicting or guaranteeing future market performance. 

In times like these, it pays to be an optimist.

~ Steve Gormley