Writer: Jerrica DuBois
4 min read December 2023 — Technology and innovation continue to shape how business is conducted across all sectors. There is a continual flow of new apps, inventions, and software that promises to make things better, faster, and easier for business people. But what is the real impact of innovation across the market and how is it changing operations, and what impact will that have on the labor market?
According to a survey conducted by ResumeBuilder.com, 53% of companies currently use AI, and 24% are looking to begin using it in 2024. The survey also found that those workers with AI training will have more job security, with 96% of companies saying AI skills are beneficial to employees. On the other end of the spectrum, some employers are using AI to help trim labor costs, as 37% of respondents reported company layoffs due to AI. That number is expected to reach 44% in 2024.
As companies continue to toe the line to find what works best for them, Invest: caught up with leaders in the professional services industry to discuss how technology and innovation are impacting their business and operations.
How is technology, innovation and AI impacting your industry?
Kim Ford, President, theKFORDgroup: Accountants are working harder every year, and it is not sustainable for a work-life balance. Some positions could be replaced by AI as we already integrate it into our work streams such as entering information and into bookkeeping systems. It allows the accountants to use higher level thinking skills to apply that data into their work and elevate the work they produce without being bogged down in data entry.
Linde Murphy, President, M. E. Allison & Co. Inc.: Technology is critical to our industry and moving our industry forward, but it’s not everything. There’s a difference between calling an 800 number to make a transaction and talking with a real person. If you have a relationship with a person and you call to take money out of your IRA because you’re going to buy a boat, that person is going to start asking you related questions, which you may not get from the other end of an 800 number. Having that personal relationship where relevant questions are asked can help you avoid making costly financial errors that will impact you later on in your life. But there are major advantages and advancements that technology is encouraging in the investment industry. Technology is going to help your adviser help you make better financial plans. Systems will help advisers see a more complete overall picture of your financial situation. This equips advisers to track your ever-changing financial situation and adjust your strategy accordingly. Technology is critical but you still need a person to translate from computer to human and from human to computer. While technology is an excellent tool, combining it with a personal adviser will help clients achieve their goals and understand their investments. We can’t simply offload investors’ financial future to computers. Advisers must stay involved.
Rahul Patel, Founder & Managing Partner, Patel Gaines: We’re continuing to spend a good amount of money on AI and chat technology to help automate some things. But those aren’t eliminating any roles. All they’re doing is making more efficient the people who still need to be here and deserve to be here, so they can achieve their goals. They’re going to work just as hard but be more efficient and see more opportunities where they’re going to grow faster and quicker. At the end of the day, they’re still matching what they want. At the end of the day, we’re making people fundamentally happier.
James Rosenblatt, President, Rosenblatt Law: With programs like “Legal Zoom” or other similar programs providing templates for people to create contracts or wills or leases, people tend to think they do not need legal advice prior to executing a document. In some cases, the document may provide everything the individual will need. However, all too often, the inaccuracies or lack of specificity within the document often lead to significant legal issues at a later date. The costs upfront may have provided a savings to the parties. Yet, in the long run, the costs will generally exceed having a lawyer draft the documents and the end results will not be what either party intended.
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