Will AI Replace Financial Advisors? Yes, But Not How You Think

The future is here, but the world of AI financial advice may hold a surprise or two.

Artificial intelligence (AI) has been making headlines worldwide with ChatGPT and Gemini changing the way we search for information. 

Personal finance, however, is a sensitive area and has led many money experts to ask the question: will AI replace financial advisors?

If you’ve recently looked into managing your money online, you may have hit several issues, including:

  • Information overload from the countless budgeting apps and money-saving hacks out there
  • A lack of personalized financial guidance from this data overflow
  • No way of knowing how to reach financial goals, be it saving for a dream vacation or a property down payment.

The AI universe is set to revolutionize how we deal with our money. Machine-learning tools that can process enormous datasets and identify patterns we miss will help us to make informed decisions, manage risk, and save hours of time

This progress hasn’t been lost on the general public. Answering financial questions is the second-most popular AI use case from people who have used the technology, according to a recent Forbes survey.

Source: Forbes Advisor

So, just how life-changing is this technology that sits before us? Will AI replace financial advisors as we know them? 

Let’s take a closer look.

What if you had 24/7 access to expert financial help? Maly’s AI financial assistant is just that, an intuitive money management tool that’ll help you spend better and save smarter.

Is there a future for financial advisors?

Artificial intelligence is scarily good at answering questions, to the point that many people are asking questions like “Will robots replace human financial advisors?

The simple answer to this is “no”.

Personal finance is a complex topic that affects everyone differently. Human financial advisors bring a unique blend of expertise, empathy, and nuance to the table that helps people find the best solution for them. 

These experts are better placed to create a personalized roadmap and deal with complexities that AI can’t handle. 

The best way to think of AI is as a powerful assistant that frees you from tedious tasks and quickly offers you readily available information. 

A human advisor, meanwhile, is more of a trusted partner who can guide you toward making the smartest financial decisions according to your personal situation.

Which financial tasks will AI help us with?

Will AI replace financial advisors? No, but it is about to help us with a broad range of everyday money-related tasks. 

One way of seeing it is as a highly capable sidekick that saves us time and money. “AI’s primary goal isn’t to eclipse human capabilities or render them obsolete,” says Cambridge University lecturer and former Research Fellow Alejandro Reynoso. “It’s to act as a catalyst, augmenting human creativity, and potential.”

will ai replace financial advisors

Let’s assess several key financial tasks and how AI will affect each one.

Savings

New AI finance tools are intuitive, meaning they can analyze your income and spending habits to give you personalized savings goals. 

Some platforms even provide automated transfers to help you do this without thinking. Maly’s savings tool is one example: it automatically rounds up every purchase you make (even if it’s only one or two AED) and puts it in a chosen savings pot (or debit card). Many customers report suddenly having their target amount way before they expect it. 

An AI assistant can also keep track of what you spend and then advise you on what to cut back on. This might include flagging unnecessary subscriptions or identifying big spending categories.

Budgeting

Forget boring spreadsheets. AI will make budgeting a fun experience, even using games to plan your finances.

Imagine an AI assistant that sets challenges – with instant feedback – for sensible planning. This might include completing progress bars, earning badges, or even unlocking rewards for achieving financial milestones.

The virtual assistant will update your tasks as you go along, too, so you’re always on the fastest track to reaching your targets.

Investment

As mentioned, AI won't replace financial advisors, but it will become a powerful sidekick. 

Think of an AI assistant who researches companies, analyzes risk profiles, and suggests investment options to suit your goals and risk tolerance. 

Alejandro Reynoso believes this can even help us explore new terrain, previously only available to trading experts. “AI can facilitate new investment strategies, some of which were previously considered too intricate to conceptualize,” he says. “Robot integration into human-run platforms will give us access to unprecedented speed, precision, and sophistication – a realm once limited to only a select few industry leaders.”

Risk management and fraud detection

AI can also act as a guardian of your money. 

Already, ML algorithms monitor your accounts for suspicious activity, including unusual spending patterns, fraudulent transactions, and even predicting future financial risks.

This can help you prevent financial losses and safeguard your hard-earned money – something we all must do.

Fast, intuitive, and educational, AI financial assistants hold the keys to a better financial future for all of us, if we use them wisely.

Will AI replace financial assistants? No, but Maly’s AI money management platform will make your life a lot easier

So, will AI replace financial advisors? As we’ve seen, experts don’t think so, but we are about to see a revolution in AI financial assistance. 

Fast, secure, and intelligent, Maly’s FinAI tools are leading the way in UAE’s financial sector by providing consumers with unprecedented control and personalized insights into their finances.

Imagine having a friendly and knowledgeable financial guru available 24/7. This expert whispers smart money-saving tips in your ear and offers you personalized financial tips that help you spend and save smarter. 

How much would you pay?

While a real-life genie might be out of the question, Maly's AI-powered financial wellness platform brings that dream remarkably close – and you don’t have to pay a dirham for it.

The first of its kind in the UAE, here’s how signing up can put you on the fast track to financial freedom.

Maly Financial Assistant: Guiding you to a wealthy future

If you`re struggling with spending or bothered by budgeting, then let Maly’s AI financial assistant take over. 

Intuitive and instant, this smart tool will help you reach your goals faster via a personalized plan based on your data and spending habits. Get budgeting tips, debt pay-off strategies, and much more. 

It can also show you how to use Maly’s multi-card budgeting and saving tool. This makes it easy for you to manage your money by categorizing your expenses into cards you know exactly what you’re spending your money on and how much.

Maly’s Financial Assistant is a great listener: the more you tell it, the more it knows about you and the more it can help you!

MalyGPT: Your AI-powered financial Q&A buddy

malygpt

Ever have a burning financial question but you’re unsure who to ask? 

MalyGPT is here to help. A pocket-sized financial encyclopedia that can quickly answer any personal finance question.

Need to know the pros and cons of different credit cards in a hurry?

Struggling to understand the difference between a fixed deposit and a mutual fund? 

Maly GPT gives you the answer wherever you are, cutting through the noise and helping you arrive at informed financial decisions.

Maly AI Card Generator: Create any Visa card you can think of!

Picture the debit cards you’ve had all your life - let us guess: colorless and boring, right?

Not for much longer.

Maly's AI Card Generator lets you unleash your creativity and create your debit card with any design you can come up with, no matter how bizarre! 

There’s no limit to the number of cards you have, either, meaning you can:

✅ Design cards for any spending category and get your finances in order

✅ Let your kids’ imagination run wild with their own wacky card that also teaches them sensible money habits

✅ Choose a card design that resonates with your financial goals, be it a dream holiday destination or simply a motivational quote.

Every time you pull out your card, it serves as a visual reminder of the aspirations you're working toward.

maly ai card generator

Maly's suite of AI-powered tools – from budgeting assistants to personalized financial Q&A – lets you take control of your money management and unlock a brighter financial future. 

Sign up for free and experience the financial revolution today!

Ready to get instant financial expertise onto your mobile? Download Maly’s money management platform today and take the first step toward a wealthier future for you and your family.

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