Will artificial intelligence (AI) make some jobs irrelevant? Sophia Duffy explains that while she doesn’t see AI as a complete replacement for an advisor or CPA, we can’t ignore its prevalence and usefulness in performing certain aspects of the work. That means that the role of advisors and tax professionals will be very different from what it is today—but not extinct.
Sophia knows a little something about the future of the profession, since she teaches classes in estate planning, small business planning, and taxation at the graduate and undergraduate levels. Currently, she serves as an associate professor of business planning and program director for the Tax Planning Certified Professional® (TPCP®) Program at The American College of Financial Services.
She’s published research on a variety of issues related to financial planning, including Discrimination in AI-based Insurance Underwriting, Vulnerability of Aging Investors, and award-winning research on Social Security Planning for High-Income Earning Women.
Sophia earned her law degree from the Temple University James E. Beasley School of Law and a Bachelor of Science in Accounting from Rutgers University. She is also a Certified Public Accountant (CPA) and an Accredited Estate Planner® (AEP®).
Here’s what else Sophia had to say.
Where are you now?
I am a faculty member at the American College of Financial Services, and I’ve been here for 13 years.
What’s your job title, and what does it mean?
Program Director, Tax Planning Certified Professional Program®, and Associate Professor. I run the program, which launched earlier this year. I work with our students and ensure the content is kept relevant and up to date. As you can imagine, this year has been very busy with the official program launch in January and the new tax changes recently passed in July.
Tax, law, and accounting are broad fields. What’s your area of special interest?
I’ve been a science fiction fan since I was a child, and I’m especially interested in how technology will shape our future. FinTech in the early 2000’s, and now AI-based tech, has already majorly impacted financial services and law and will continue to rapidly change our profession. So my research primarily focuses on how well the law protects consumers against risks that arise from the use of these tools, and speculates on how the law can adapt to better protect consumers.
What’s the first thing you typically do when you start work?
As much as I love technology, I am old school – I start each day by reviewing everything I have on my plate and writing down a To-Do list in my planner in order of priority. I love the feeling of crossing things off the list!
If you had a couple of extra hours outside work, how would you spend them?
Each year, my New Year’s resolution is to learn a new skill. It’s been a lot of fun trying my hand at yoga, juggling, and handstands. This year, I’m working on making my yard more bird and bee friendly.
What’s one tool or resource you can’t live without at work?
Digests and newsletters from Leimberg Services and The National Association of Estate Planners and Councils are invaluable; they are a great way to keep on top of current events at a glance. Leimberg provides a unique view on the intersection of law and financial services, while the NAEPC newsletter provides a deep-dive intolegal issues and developments.
If you weren’t in tax, what would your dream job be?
I’m service driven, which is one of the reasons I love working at the College. If I was not practicing in tax or law, I’d be working at a non-profit that serves vulnerable groups in some capacity.
What’s the best tax or financial advice you’ve ever received?
These two really go hand in hand and relate to behavioral finance: “Never make a decision based on ego,” and “Just because you can, doesn’t mean you should.” Understanding the drivers behind WHY we want to act in a certain way, like making a big purchase or moving, will guide us in determining whether we really should act or not. This is great advice not just for finances, but life in general.
What books or magazines are on your nightstand?
I am an avid reader and I’m usually reading a book and listening to another book on audio at the same time. Right now I’m reading Parable of the Sower by Octavia Butler and listening to Welcome to Nightvale on audio.
Who has been the biggest influence on your career?
My husband Liam is truly my biggest fan, and he supports me in anything I set my mind to do. I’m also continually inspired by attorneys and planners who go to bat for their clients when things get tough. It’s energizing tobe around people who truly love what they do.
What would surprise people to know about you?
I am not a serious person at all. I find a lot of joy in silly and humorous things like SpongeBob, juggling, and funny dog videos. I’m also obsessed with Taco Bell, probably more than a normal person should be.
If you could change one thing in the tax code tomorrow, what would it be – and why?
In an ideal world, the tax code could be simplified so that it is easier for people to project, plan for, and file their taxes, and modified so that there is more tax equity between wealth levels.
What’s the best tax conference, CE, or CLE event you’ve ever attended?
AICPA’s Engage conference is wonderful – it covers many aspects of financial planning, tax, and law with great speakers and events. The College’s Horizons conference is also excellent, which is a retirement-focused conference featuring many experts from the field.
What’s the biggest change you’ve seen in the tax profession over the last five years?
With technology comes uncertainty. There is a widening gap between the need for tax and planning professionals and the number of young people choosing tax-related or financial planning careers, because they don’t know if AI will make their jobs irrelevant at some point. I personally don’t see AI as a complete replacement for an advisor or CPA, but we can’t ignore its prevalence and usefulness in performing certain aspects of our work. So, after this period of growing pains, I believe we will see that the role of advisors and tax professionals is very different from what it is today, but not extinct.
What excites or concerns you most about the future of the profession?
I’m going to sound repetitive, but it comes back to how technology is going to impact our profession. The field will look very different in five years than it does today, because AI is changing so rapidly and the structure of the profession and legal protections just can’t keep up with the pace of change. This makes it very difficult for young adults toplan for a career path in our field.
If Uncle Sam handed you a huge refund check right now, what would you do with it?
Well the first thing I’d do is change my withholdings and estimated payments so that I didn’t overpay next year! Then, I’d donate the amount – there are so many worthy causes that it’s hard to decide how to allocate the funds.
You can find Sophia at The American College of Financial Services. She can also be found on LinkedIn.
This article is part of our Getting To Know You Tuesday series—a chance to get to know all kinds of tax professionals and understand that the field of tax is bigger than April 15. If you’d like to nominate tax professional to be featured, send your suggestion to kerb@forbes.com with the subject: Getting To Know You Tuesday.