Scott’s Career Advice: Will AI Take My Job? Advice for Entrepreneurs, and How to Find What You’re Good At
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What is discussed in this career advice episode?
Let's bust right into it. First question.
Hey Scott, my name is John and I'm a recent college graduate based in Florida. I'm pursuing a career in financial services, specifically wealth management for households with a net worth between 1 and 5 million dollars. Like many white-collar professionals, I'm concerned about the impacts that AI could have on my industry.
Will AI disrupt the financial services industry?
While I see AI as a valuable tool, I worry that the chatbots could offer potential clients a faster, more knowledgeable and ultimately free service, posing a pretty big challenge for myself. Wealth Management has always faced issues from robo-advisors, fee-cutting firms, but fortunately compliance has always saved us. What advice would you offer a young professional like myself to future-proof my business against AI-driven disruptions, all while continuing to grow and provide value to clients, especially as a 20-something-year-old with a young face? I appreciate your time.
That's a really thoughtful question. And I think kind of information intensive white collar industries that to a certain extent trade in complexity. There's a lot of regulation. There's a lot of different assets. People have taxes. It's complex once you get above any reasonable set of assets. And so people want to feel comfortable. Security, they want an absence of fear, they want someone nice and young and attractive and bright such as you to show up and actually, to a certain extent, youth is a bit of a disadvantage here, but give them a sense of confidence that they're doing the right thing with their assets. And in exchange... Manchmal, oder viele Male, sind Menschen bereit, 1-2% ihrer Asset zu bezahlen.
Meine Mutter hat diesem Mann 1,5% pro Jahr bezahlt, um eine Menge dreckiger Stocks zu kaufen. Und ich habe mir das angeschaut und gesagt, okay, das macht keinen Sinn, investiere in Vanguard. Dieser Mann kann keine Stocks wählen, er ist ein... 65-Jähriger sitzt in einem schlechten Büro irgendwo in Las Vegas und er hat den Markt untergebracht, aber er ist wirklich teuer. Die Mehrheit der Wealth-Manager in dieser Klasse könnte als teuer, aber schlecht beschrieben werden. Sie haben eine hohe EQ, sie machen dich besser fühlen, sie kommen zu deinem Haus. Jemand, der dich zu Abend oder zu einem Sport-Event bringt, bedeutet, dass ihre Kosten viel zu hoch sind. Weißt du, wer dich nie zu einem Nix-Spiel nehmen wird? Vanguard.
And you are in kind of ground zero, I think, unfortunately, for disruption around AI. So what do you do? First, let's look at some data. According to Brookings, those in business and financial operations occupations are at the third highest risk level for disruption from large language models. Additionally, Citigroup believes that over 50% of jobs in the financial services industry could eventually be replaced by AI. Pew Research found that 62% of Americans believe that AI will have a major impact on workers, but just 28% believe that it will have an impact on them personally.
How can financial professionals future-proof their careers against AI?
Recent data suggest that AI adoption rates are just 5% in some industries, creating an enormous opportunity for those who do decide to utilize the new technology. So, my kind of saying around this, if you're going to go into this industry, you have to go in with your eyes wide open. And that is, you're going to have to get to scale within three to five years.
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Chapters
5 chapters
1
What is discussed in this career advice episode?
0:53–1:14
2
Will AI disrupt the financial services industry?
1:14–3:35
3
How can financial professionals future-proof their careers against AI?
3:35–9:26
4
What entrepreneurial advice does Scott offer to introverts?
9:26–13:00
5
How important is salesmanship in starting a business?
13:00–27:45
Speakers
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