Date of Graduation

5-2023

Document Type

Thesis

Degree Name

Bachelor of Science in Business Administration

Degree Level

Undergraduate

Department

Finance

Advisor/Mentor

Santamaria, Sergio

Abstract

This research evaluates the potential impact of artificial intelligence on the financial advising industry, particularly regarding the demand for human financial advisors within the industry as artificial intelligence rapidly evolves. With the recent launch of ChatGPT, a cutting-edge AI chatbot, the role of financial advisors, which previously seemed mostly exempt from any technological alternatives due to the essential emotional intelligence of a human financial advisor, is potentially at risk for replacement. This research provides an in-depth analysis on the feasibility of artificial intelligence replicating necessary humanlike characteristics of a human financial advisor and utilizes results of an anonymous survey where participants’ demographics such as age, location, gender, employment status, and income levels are combined with information regarding personal perspectives such as their attitude towards hiring a financial advisor and their trust levels towards AI replacements in this role to determine how demand would potentially be affected should these developments within this technology occur.

Keywords

Finance, Financial Advising, Artificial Intelligence, AI, Financial Industry, ChatGPT

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