The window to thrive with AI is open
Financial advisors (and many business leaders) need to shift from being knowledge experts to AI strategists.
Mike Byrnes, owner of Byrnes Consulting, presented on the topic of AI at the Financial Services Institute’s OneVoice conference in San Diego, California.
He spoke about the supersonic tsunami coming at us, how the financial advice industry is currently adapting to changes, and shared over 20 AI tools advisors should know exist, with the forewarning that way more are coming.
In the short term, the financial services industry is going to need to:
- Integrate AI tools
- Increase the human connection
- Reinvent its value proposition
Read Mike Byrnes’ Rethinking65 article titled, Financial Advisors Need to Be AI Strategists (Like it or Not).
The piece shares news and insights from the first half of Mike’s presentation, including these things to know about the impacts of AI:
Immense changes
- AI leaders, like Elon Musk, predict AGI (artificial general intelligence) will happen soon and AI Superintelligence will take shape in the not-so-distant future.
- Peter Diamandis says it is impossible to slow AI down and that leaders should be urgently figuring out what we do.
- Dario Amodei warns of massive unemployment and whether or not the human species is ready for this technology.
- Bernie Sanders suggests moving to a 32-hour work week with no loss in pay because of the massive unemployment, while giant AI and robotics companies will make all the profits.
- Universal income may become necessary for those displaced from the workforce.
- A world where no one needs a job unless they want one.
- A future where nobody needs to save for retirement and how that would drastically change the financial advice industry.
Advice for financial advisors
- Become aware of what will be commoditized and eventually replaced by AI.
- Prepare for lower fees, meaning operational efficiency needs to increase to be able to take on more than double the current client load to remain as profitable.
- Utilize improvements in investment management, financial planning, marketing, compliance, and so much more.
- Maximize the human side of the business.
As AI becomes as smart as all humans combined, a super valuable role will be the AI strategist. Advisors will not lose their jobs overnight, but massive changes are coming. Those who do not become AI proficient risk being the first casualties.
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Check out pictures from FSI’s #OneVoice2026.
