5 "jobs" financial advisors do, and why AI & fintech puts them at risk

Financial advisors wear many hats for their clients, but I think the job is increasingly at risk.

Here’s my understanding of the core "jobs to be done" of an advisor:

- Raise awareness: introduce products clients may not know about, like a portfolio line of credit.
- Give access: provide access to products clients may not be able to get on their own, like private investments.
- Educate: explain financial concepts in a way clients can actually understand, like tax-loss harvesting.
- Execute: handle the operational work, like rebalancing a portfolio.
- Advise: serve as a sounding board for tax, estate, and broader planning decisions.

As more of these jobs are fulfilled through other channels, the need for a traditional advisor starts to fade, especially for millennials and younger generations.

My view is that these five jobs will increasingly be handled by a combination of AI and modern fintech products.

Fintech products alone were not enough. Back in 2009, many people thought advisors would disappear when the first wave of robo-advisors launched. The idea was right there in the name: automate the advisor. But that alone did not eliminate the role.

What was missing was AI. AI is especially strong at handling awareness, education, and, to a large extent, advice.

Many of our customers tell me, “I uploaded your white paper to Claude and asked it all my questions.” We’re also seeing requests to open up our data so customers can query their finances directly. Some are even building their own AI-powered tools to fill gaps we haven’t gotten around to yet, like surfacing unrealized gains and losses in their portfolios.

And it’s not just younger hobbyists. We’re seeing large eight-figure accounts do the same: using AI for discovery, questions, and advice, while executing strategies that used to be available only through an advisor on platforms like Frec.