Artificial intelligence will take over a large variety of jobs in the next 20 years, including financial advice, according to a report from analysts at the Bank of America Merrill Lynch.

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The report predicts that robots will completely transform the way that people manage their finances. People will be able to instantly tailor investment and financial portfolios to suit their own personal situation. But that isn’t all – it will also simplify taxes and debts, making finances easier for everyone.

The robots have already been dubbed the ‘robo-advisers’, and financial experts believe that they will even be able to have personal chats with their clients. While this may sound like an expensive service, it is very likely to be much cheaper than hiring a human financial adviser.

Robot Adviser Vs Human Adviser

A ‘robo-adviser’ may sound like something futuristic, but they are already available in the UK and the USA for people who cannot afford a human financial adviser. While this has made financial advice accessible to more people, is it as effective as a human financial adviser?

The short answer is no. Current robo-advisers are basically online wealth management services, and currently the systems cannot adapt to changing circumstances, so the advice that they offer can quickly become out-dated. According to Equities, robo-advisers are unable to communicate with their client, so they can’t adapt; instead, they base all of their predictions on one brief moment in time.

It seems that the best option currently is websites that join financial advisers with clients, such as These systems have back office systems for financial advisers, so they can provide clients with affordable and useful financial advice.

However, robo-advisers are still in their infancy, and we can expect that they will change and improve considerably over the next two decades. It is entirely possible that there will soon be effective robo-advisers who can provide their clients with personalised and helpful financial advice.

Which Is Best for You?

Should you use a robo-adviser? If you have relatively simple finances and you aren’t looking for help with investments and future projects, a robo-adviser may be suitable for you, as it will help you to create a financial portfolio. However, a robo-adviser may not be the best option if you have complex finances.