AI bots as financial advisors? Not necessarily.

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Subscribe to enjoy similar stories. I see a personal trainer five days a week, and I am now in the best shape of my life. I could not have afforded Doug when I was younger—and I wouldn’t be able to now, either, but for technology.

Doug lives on the West Coast and trains me (and dozens of others) through an app. He programs exercises I like, accounting for any injuries, monitors how hard I work, corrects my form and sends me motivational messages. With artificial intelligence (AI), he now has the potential to make even more custom workouts for even more clients.

I suppose AI could replace him entirely, but the fact that Doug is a real person is important. I know he is watching, and I believe he is invested. I feel like I’ll let him down if I don’t show up every day.

I would not care so much if he were a bot. My experience with Doug is a case study in how to use technology to deliver what was once a high-end personal service to the masses. It is the future not only of fitness but also of financial planning.

In fact, the entire service sector is about to be transformed. Just as the industrial revolution changed the way goods are manufactured and consumed, so the technological revolution will do for services. Once something can be made at scale, the market for it can expand and be segmented; some people may want (and be able to afford) Birkin bags, while others will prefer canvas totes.

The same goes for financial planning. This field is already in state of transition. First, the move to defined contribution pension plans and rising life expectancy means more people need advice.