{"id":7042184,"date":"2026-08-19T22:41:11","date_gmt":"2026-08-19T22:41:11","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/investing\/scott-pape-why-ai-wont-replace-financial-counsellors-the-barefoot-investor\/"},"modified":"2026-08-19T22:41:11","modified_gmt":"2026-08-19T22:41:11","slug":"scott-pape-why-ai-wont-replace-financial-counsellors-the-barefoot-investor","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=7042184","title":{"rendered":"Scott Pape: Why AI Won\u2019t Replace Financial Counsellors \u2014 The Barefoot Investor"},"content":{"rendered":"


\n<\/p>\n

\n

This week I was asked to debate whether AI should be used in financial counselling.<\/p>\n

I was on the ‘yes’ side.<\/p>\n

Sitting in front of me were 1,000 financial counsellors, arms folded, all thinking the same thing:<\/p>\n

This bloke’s trying to replace me with a robot.<\/em><\/p>\n

And who can blame them?<\/p>\n

Still, this horror movie has been playing for a hundred years, and it always ends the same way:<\/p>\n

The job apocalypse has been “five years away” \u2026 for the past one hundred years.<\/p>\n

Case in point:<\/p>\n

In 2016, the so-called godfather of AI, Nobel prize winner Geoffrey Hinton, declared we should stop training radiologists immediately. He said it was \u2018clearly obvious\u2019 that AI would replace them within five years.<\/p>\n

Today?<\/p>\n

There is a shortage<\/em> of radiologists. Last year there were 4,000 unfilled roles in the US alone.<\/p>\n

Why?<\/p>\n

Well, AI became their assistant \u2026\u00a0 not<\/em> their replacement.<\/p>\n

Which brings us to today\u2019s hype cycle:<\/p>\n

The founder of ChatGPT is warning that AI will be so devastating we’ll all need a government handout to survive. I\u2019m highly sceptical \u2026 at least in the next five years. I don’t know about you, but my interactions with the chatbots remind me of this meme:<\/p>\n

Wife: “Did you do the dishes?”<\/p>\n

Me: “Yes.”<\/p>\n

Wife: “Why are they still dirty?”<\/p>\n

Me: “You’re right to push back on that. I didn’t actually do them.”<\/p>\n

Wife: “I hate you.”<\/p>\n

Me: “You’re absolutely right. This one’s on me. Ready to clean?”<\/p>\n

The fact is that these language models are three years old: they’re still techno toddlers.<\/p>\n

Will AI get better?<\/p>\n

No doubt. Hundreds of billions of dollars that are currently being invested in AI says it will.<\/p>\n

Yet here’s what the AI hype merchants miss entirely:<\/p>\n

For all the technological advancements, we are lonelier than we have ever been. Anxiety diagnoses have doubled in a decade. Two thirds of us don’t trust what we read online, as AI fakes flood our feeds.<\/p>\n

We spend our nights sitting alone, heads down, scrolling on our dopamine casinos.<\/p>\n

We are starving for human connection.<\/p>\n

Which is why a financial counsellor, a real one, sitting across from you, listening without judgement, helping you make sense of your money when your life is falling apart \u2026<\/p>\n

Cannot be automated.<\/p>\n

AI will crunch the numbers, but it won’t hold your hand when everything goes sideways.<\/p>\n

And the more artificial the world gets, the more valuable people who actually give a damn become.<\/p>\n

Tread Your Own Path!<\/em><\/p>\n<\/div>\n\n","protected":false},"excerpt":{"rendered":"

This week I was asked to debate whether AI should be used in financial counselling. I was on the ‘yes’ side. Sitting in front of me were 1,000 financial counsellors, arms folded, all thinking the same thing: This bloke’s trying to replace me with a robot. And who can blame them? Still, this horror movie […]<\/p>\n","protected":false},"author":1,"featured_media":7025168,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[96],"tags":[10055,26413,10912,13177,184437,1698,259,11231],"dealstore":[],"offerexpiration":[],"class_list":["post-7042184","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investing","tag-barefoot","tag-counsellors","tag-financial","tag-investor","tag-pape","tag-replace","tag-scott","tag-wont"],"yoast_head":"\nScott Pape: Why AI Won\u2019t Replace Financial Counsellors \u2014 The Barefoot Investor - Som2ny Network<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/fivemor.com\/?p=7042184\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Scott Pape: Why AI Won\u2019t Replace Financial Counsellors \u2014 The Barefoot Investor - Som2ny Network\" \/>\n<meta property=\"og:description\" content=\"This week I was asked to debate whether AI should be used in financial counselling. 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