Could this be the end for advisers?

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Personal financial advisers have a 58% chance of being replaced by a mobile robot or a “smart” computer, according to a major Oxford University study.

The study, which investigated how new  technology could affect the United States job market, revealed that almost half of the work force – from taxi drivers to lawyers – is at risk of automation, Bloomberg reported.

This is mainly due to the emergence of tools that use intelligently wired mobile robots and complicated algorithms that “learn” from past examples.

Carl Benedikt Frey, co-author of the study, said it will be possible to automate occupations employing almost half of the US workforce over the next two decades.  

Appropriately, he and his colleague themselves applied a computerised algorithm to estimate the impact that atomisation could have on 632 US occupations. The computer then spat out the percentage of probability that each human job could be replaced with a machine.

The study revealed that loan officers had the highest chance (98%) of being automated in the near future, while financial advisers sat at a more-than-half with a 58% chance.

School teachers, physicians and surgeons had the lowest chance of being replaced at 0.4%.

“It’s a race between technology and education,” said Frey.


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