Will AI Displace Financial Advisors? (EP. 455)

56 snips

Mar 11, 2026

Guest

Phil Huber

Guest

Michael Kitces

Phil Huber, Head of Portfolio Solutions at Cliffwater and private credit specialist, and Michael Kitces, financial planner and advisor-tech thought leader, join live from Miami. They debate AI’s threat to advisors and why clients still delegate complex decisions. They unpack private credit headlines, defaults, lender quality, liquidity management and why current stress looks risky but not catastrophic.

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INSIGHT

AI Automates Tasks But Not Trust

AI will automate many advisor tasks but won't instantly replace the human relationship that clients value.
Michael Kitces and Michael Batnick argue do-it-yourselfers exist, but most clients pay advisors to avoid doing paperwork and complexity themselves.

INSIGHT

Tech Replaced Admins Not Advisory Economics

Technology repeatedly removed admin roles but advisory firm economics (fees, margins, overhead) stayed largely unchanged over decades.
Michael Kitces explains 'Betty' was replaced by Orion but firms still charge similar fees and maintain similar margins.

INSIGHT

Advisors Serve Fewer Clients Over Time

The main industry shift over 30 years is a large drop in average client load per advisor, not fees or margins.
Kitces ties this to advisors offering deeper services and choosing more leisure over adding marginal clients.

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