If ChatGPT Were an Employee, It’d Get Fired

 As AI continues to make headlines, one of the most well-known tools, Chat GPT, recently surpassed 700 million weekly active users. In financial planning, that means AI is evolving from back office to client-facing. 

Firms now embed AI assistants into workflows to draft meeting notes, prep follow-ups and update CRM records (with client consent, of course). Some 68% of advisors already use AI applications, and 43% plan to increase their investment, according to a wealthtech survey by Orion. Reflecting this momentum, the CFP Board has offered guidance on innovative practices, with the incoming Board Chair-Elect focused on helping advisors embrace AI with confidence and optimism. To illustrate how advisor and AI roles are evolving, consider a recent test wherein ChatGPT was tapped for assistance producing a flowchart. Instead of delivering the requested graphic, it proved that AI, with its many strengths, still has limitations. (More on that later.)

All the Happy Helpers

Even as AI reshapes the profession, a CFP’s fiduciary duty remains constant. What is changing is that advisors can redirect their focus to areas where human expertise, judgment and trust matter most. Before AI entered the picture, an advisor’s value was significantly tied to tactical work such as investment allocation, retirement projections, tax-loss harvesting, account optimization, onboarding, compliance oversight and client communication. These duties, while important, are time-consuming. Today, AI “helpers,” working in a closed environment, can safely absorb much of that workload, allowing advisors to focus more deeply on the trusted holistic guidance that differentiates them.

So, where is AI getting deployed? A recent survey indicated personalized marketing and lead nurturing are top AI use cases in financial planning and the areas where firms plan to increase spending. AI tools are increasingly responsible for portfolio rebalancing, scenario generation and Monte Carlo simulations. They provide real-time tax recommendations tied to client goals and tax positions, generate forward-looking cash flow and health-care cost models and flag compliance anomalies. Additionally, advisors are using AI to produce summaries, personalize educational content and tailor communications by adjusting tone and sophistication level while automatically inserting disclosures.

Who’s Watching the AI?

As AI assumes many tactical responsibilities, the advisor’s value is shifting. Clients seek in-depth understanding of how various factors will impact their personal planning goals. This is changing the advisor’s role from information-sharing to data interpretation, from transactions to portfolio transformation and from episodic planning to ongoing life strategy. Looking ahead, the advisor’s most enduring strengths will lie in areas technology cannot replicate: the human qualities that bring real value to clients and their families. These include behavioral coaching and values-based guidance, empathetic judgment in moments of complexity and the ability to help clients confront challenges that reach far beyond spreadsheets. 

Specific tasks might include guiding a client through succession planning hesitation and strategically positioning sentimental illiquid assets. These situations call for technical expertise, but also trust, intuition and the kind of understanding only formed through human relationships. Advisors will also maintain responsibility for overseeing AI itself, ensuring transparency and protecting client data. This is essential, as clients expect disclosures to identify AI usage, and their willingness to pay for advice decreases if they know communications were AI-generated without human review. That’s why the “human in the loop” remains critical — not only for compliance, but for sustained trust.

To thrive in this new shared environment, advisors should look to expand their capabilities. That starts with reframing their value around helping clients meet their life goals through financial advice, rather than focusing narrowly on portfolio management, and by re-aligning fees around advice and outcomes instead of products. It may also require re-skilling in areas such as behavioral finance, communication and coaching — skills emphasized in the CFP Board’s Psychology of Financial Planning knowledge domain. At the same time, advisors must integrate AI assistants responsibly to support, not replace, the human connection. In short, advisors who evolve beyond managing money, becoming strategists who deliver advice that helps clients meet life goals, will be best positioned to thrive.

Robots AIn’t All That

Now, back to that grievance with ChatGPT. Upon being prompted to compile the concepts shared above into a flowchart, its initial reply was: “On it!” Hours later, it hadn’t produced anything, though it confidently stated that progress was underway. Days later, when asked for a status update, it promised delivery “within a couple of days.” By that point, it became apparent that this “digital colleague” was overpromising and underdelivering. Had it been an employee, termination — or at the very least, disciplinary action — would have been on the table. 

Then, the truth surfaced. ChatGPT was not capable of creating a flowchart on its own. It can only produce code, which needs to be input into a compatible diagramming tool to generate an actual flowchart. That reinforced the very message the flowchart was intended to convey. AI can be a powerful partner, but it cannot, and should not, be entrusted to do everything. Where it falls short, advisors need to be ready to step in, and where humans need efficiency, AI may help fill the gap. Success lies in drawing a clear line between what AI can handle and where human judgment is indispensable.

Pave the Way. As AI continues to permeate the financial planning profession, it seems unlikely that it could replace fiduciary advisors. Instead, it will likely redefine the arena where fiduciary duty is exercised. Those who embrace AI as an assistant while doubling down on human judgment, empathy and ethical guidance will better equip themselves to evolve along with it. The responsibility of CFP professionals, and all advisors, should be to continue to uphold standards, policies and practices while harnessing AI to enhance client trust, experience and financial well-being.

As this relayed experience with ChatGPT suggests, humans and AI tools need each other to boost their performance. It’s up to us to help pave the way.

Terri Kallsen, CFP, is the Chair-Elect of the CFP Board and managing partner at Rise Growth Partners.