As someone who’s been in this profession for nearly three decades, from my early days at Prudential when there were 7,000 of us in suits knocking on doors, to now leading Skybound Wealth Management across multiple jurisdictions with clients in over 100 countries, I’ve seen a lot. Market crashes, mis-selling scandals, regulatory reform, and crypto booms.
Today? Walk into any financial conference or office, and you’ll hear the same whisper turning into a roar: "Is AI going to replace us?"
This AI wave is different. It’s faster, it’s smarter, and it’s coming for every part of the industry. So, let’s not dance around the truth. AI will change everything about how we operate as financial professionals. But it won't eliminate the need for humans. Instead, it will expose the difference between those who add real value and those who don’t.
Let’s be honest. AI is already automating many tasks that were once core to financial advising. Things like portfolio rebalancing, fact-finding, data entry, risk profiling, regulatory reporting, cash flow modelling, and product comparisons are all becoming automated.
That means advisers who built their businesses on templates, transactions, or ticking boxes are at serious risk.
A recent Business Insider report revealed that JPMorgan plans to cut operations staff by over 10% due to AI gains. Morgan Stanley is slashing 2,000 roles. Vanguard has embedded AI across their client onboarding. Goldman Sachs says up to 30% of banking jobs could be automated by 2030.
However, here’s the nuance: most of these cuts are happening in operational or low-value roles. Advisers who solely function as middlemen or information-givers? You’re on borrowed time.
AI can answer what. But it’s not so good at answering why. It can simulate empathy, but it doesn’t care. It can spot a trend, but it doesn’t understand the context, the family dynamics, or how it feels to watch your father lose half his pension in a crash.
That’s where we come in.
A 2024 Capgemini Wealth Management study found that 71% of clients prefer hybrid advice. Smart tools, guided by human insight.
The real win is blending the best of both:
In 2008, when markets melted down, I saw grown men crying. In 2020, when lockdowns started, clients called not asking about their portfolio, but about their families. AI can do the maths, but it can’t make someone feel safe. That’s our role, and it always will be.
What does the future adviser look like?
They don’t lead with products. They lead with purpose. They don’t chase transactions. They build transformations. They don’t drown in admin; they spend time where it matters most. The future adviser is a guide, a coach, a behavioural architect. Your tech stack will handle the legwork. Your advice? That’s the magic.
Take UBS, for example. They’re using AI avatars to deliver research, freeing up their people for higher-order thinking. At Skybound, we’re integrating AI into client reviews, investment diagnostics, and suitability reporting. But it all leads back to one thing: freeing advisers to focus more deeply on client relationships.
That’s the sweet spot.
Here’s something no one talks about enough: The world is facing a shortage of qualified advisers. Regulation, cost, and complexity have thinned the ranks. Clients are more mobile. Cross-border issues are more common. And the stakes are higher than ever.
The UK alone needs over 15,000 new advisers by 2030 to replace those who are retiring. The U.S. is facing a similar gap. And that’s before you even factor in markets like the UAE or Asia, where demand is exploding.
AI won’t eliminate jobs; it will allow us to do more with fewer people, and serve better.
Advisers who adopt AI can manage 2-3 times more clients without compromising service. They’ll be able to deliver reports instantly, offer dynamic planning tools on mobile apps, and identify gaps, risks, and solutions in real-time.
When I first came to Dubai over 20 years ago, there were no apps, no CRMs, and no client portals. Everything was paper, and everything took weeks. Fast-forward to today. Our clients log into a Skybound app and track their entire global wealth in real-time. They get automated nudges, real-time alerts, and seamless booking with advisers.
I’ve spent the past two decades helping build this future. Not as a techie, but as someone obsessed with efficiency, empathy, and excellence.
If you embrace change, you’ll fly. If you resist, you’ll fade.
The numbers don’t lie, either
And here’s the kicker: A 2024 Fidelity survey found that advisers who integrate AI tools grow their AUM 3x faster than those who don’t.
If you’re reading this and you’re an adviser, manager, or businessowner... Don’t fear AI. Fear irrelevance. We are at a fork in the road. And this is our moment. Clients don’t want robots. They want results. They want reassurance. They want you. But you’ve got to evolve.
You’ve got to:
Because here’s the truth: AI won’t replace advisers. But advisers using AI will replace those who don’t. Let’s lead this next era together.
With extensive experience spanning wealth management, financial strategy, and cross-border planning, Mike Coady is dedicated to helping clients achieve financial independence and security.
Mike’s approach centres on delivering tailored wealth management solutions that reflect each client’s unique goals and circumstances. From investment analysis to portfolio optimisation, his comprehensive strategies aim to grow and protect wealth over time, ensuring clients are well-positioned to reach their financial objectives.
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