In the words of renowned computer scientist Andrew Ng, founder of the Google Brain project: "AI is the new electricity. Just as electricity transformed every major industry a century ago, AI is now poised to do the same.”
That transformation is sending currents of concern among financial advisors and wealth managers.
“Advisors have the potential to use AI as a multiplication effect,” said financial industry thought leader Cody Foster in a recent interview. “It’s a force multiplier.”
What financial advisors do with the time AI can save determines everything.
“Human connection is going to become a superpower in this age of AI,” predicts Foster of Advisors Excel, the Topeka, Kansas firm he co-founded in 2005.
Advisors Excel supports hundreds of elite independent financial advisors, providing comprehensive support for annuities, life insurance, and wealth management to help grow their businesses.
And today, that growth looks different.
AI, according to Foster, is not the threat many believe it to be. Instead, AI is a tool that can eliminate inefficiencies that have long burdened advisory firms.
“The first step is to find tools that free you up from mundane tasks,” he explained. “Automate as much as you can.”
So, where does this leave today’s financial advisors? Obviously, standing at an AI crossroads.
Foster is clear about which path leads to success.
“Use these tools to better serve your clients,” he said. “Then take the time you get back and invest it in relationships, experiences, and impact.”
Think about the hours historically spent on paperwork, data entry, portfolio rebalancing, or even basic client communications. AI now handles much of that with speed and precision. What once took days can now take minutes.
But here’s where Foster draws a critical line.
Most clients don’t wake up excited about asset allocation models or tax-loss harvesting strategies. They want clarity. Confidence. Someone they trust to guide them through life’s biggest financial decisions.
Foster recalled a moment that captures this perfectly. One advisor he works with received a call from a client just hours after she lost her husband. Her request was simple: “Call Bill. He’ll take care of everything.”
That’s not about algorithms. That’s about trust.
At its best, financial advising isn’t just about managing money. It’s about managing moments—retirement, loss, transition, uncertainty. AI can assist, but it cannot replace presence.
From Technician To Trusted Advisor
For years, the industry has wrestled with its identity. Are financial advisors investment managers? Product specialists? Planners who help with the math?
Foster believes the answer is evolving.
“With the right tools,” he said, “advisors can act more like a family office—coordinating tax, estate, insurance, and investments.”
AI accelerates this shift. It allows advisors to expand their scope without being overwhelmed by complexity. What once required large teams can now be supported by intelligent systems.
But again, the technology is only half the equation. The other half is intention.
Advisors who use AI merely to scale transactions will find themselves competing with robo-advisors. Those who use it to deepen relationships will find themselves differentiated by something machines cannot replicate.
The Road Ahead For Consumers
For consumers, Foster offers this perspective: “If you find a great advisor, you almost can’t pay them enough.”
That may sound surprising in an era obsessed with lowering costs and eliminating intermediaries. But it underscores a deeper truth.
According to Foster, value is not defined by efficiency alone. It’s defined by outcomes and by the confidence that someone capable is guiding you through complexity.
As Foster sees it, advisors who thrive won’t be the ones who compete with machines. They’ll be the ones who use machines to become more human.
Elevating This Noble Profession
Foster is outspoken about another topic: the need to reframe how the industry sees itself.
Advisors are present at life’s highest highs. That means helping clients realize they can retire, fund dreams, or leave a legacy.
And they are also present at the lowest lows. That includes guiding families through illness, loss, and uncertainty.
That great responsibility demands more than technical skill. It demands professionalism, education, and integrity.
“When this business is done well,” said Foster, “it’s the most noble profession in the world.”
Henry DeVries is a former Forbes online columnist who is the chief book strategist at Indie Books International. He has ghostwritten, co-authored, or edited more than 200 business books, including his international bestseller, How to Close a Deal Like Warren Buffett.
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