Despite the billions of dollars being allocated to financial technology or “Fin Tech,” some believe automation will never trump personal interactions. As Carla Dearing, CEO of financial wellness company SUM180, puts it “… money is emotional and there are always intangibles to consider in deciding what to do next, which cannot be captured by robots …” (Read “Why Robo-Advisors Will Not Replace Human Financial Advisors,” The Street, February 28, 2017).

Last month, industry pundit Michael Kitces offered interesting insights in his “Why Broker-Dealers Launching Robo-Advisors Are Missing The #FinTech Point” article. He acknowledges the growth in automation but suggests it won’t be a cure-all to attracting Millennial heirs who expect to inherit their parents’ wealth. What makes more sense is to exploit the “tremendous operational efficiencies” for purposes of “onboarding clients and efficiently managing (model) portfolios” while allocating ample resources to “marketing and business development.”

Whatever your view about the next big thing involving a mobile interface or data analytics, a critical question remains. Will you or your financial advisor soon be made redundant by some version of R2D2 or C-3PO?

Drum roll please! If research by Oxford University academics accurately foretells the future, financial advisors can breathe a sigh of relief – sort of. In their 2013 paper, “The Future of Employment,” Carl Benedikt Frey and Michael A. Osborne quantify low probabilities of replacement for securities, commodities and financial services sales agents. Financial managers, financial examiners, financial analysts and financial specialists similarly fall into the “low probability” category. Personal financial advisors fall into the “medium probability” bucket with an estimated fifty-eight percent chance of being replaced by a computer. Of course, those who specialize in complex areas such as estate planning are logically more a fixture than any digital counterpart.

Like any career, the friction between technological progress and added-value by a particular individual is real. One solution is meaningful continuing education. Another approach is for investment professionals to actively empower their clients by providing them with solutions to specific problems. Consultative selling can be a time-intensive process and not one that is always supported by an organization’s business model. Some investment advisors or asset managers are rewarded for short-term and not longer-term performance. These decision points are seldom simple to parse but nevertheless vital to consider at both the micro and macro levels – for both service providers and their clients.