How to Leverage AI for Financial Services: Start a Profitable AI Side Hustle in 2024

Artificial Intelligence (AI) has significantly transformed the financial services industry, offering opportunities for ordinary individuals to start side hustles that can generate a sustainable income. From personal finance coaching to bookkeeping services, AI tools have made complex financial tasks more accessible and easier to manage. This creates an incredible opportunity for anyone looking to start a profitable side hustle without needing advanced technical expertise.

In this article, we will explore 6 AI-powered financial services side hustles that you can get started with today. We’ll provide detailed steps, necessary tools, and tips for success in each area. The side hustles we will cover include:

1. AI-Powered Personal Finance Coaching
2. AI Investment Advisor
3. AI Tax Preparation Assistance
4. AI Bookkeeping Services
5. AI Financial Forecasting for Businesses
6. AI Fraud Detection Consulting

Each of these opportunities allows you to provide valuable financial services to individuals and businesses using cutting-edge AI tools that streamline and automate complex processes. Let’s dive in and explore how you can leverage AI to build a successful financial services side hustle.

Personal finance coaching has become increasingly popular as more people seek guidance on managing their spending, savings, and investments. With AI tools like Cleo and Albert, you can offer personalized financial coaching services without needing to be a certified financial advisor.

1. Sign Up for an AI Tool: Start by using AI-powered personal finance tools like Cleo or Albert. These platforms analyze spending patterns, track savings goals, and provide actionable financial advice.
2. Learn Basic Personal Finance: While AI handles the bulk of the analytics, having a foundational understanding of personal finance principles (budgeting, saving, debt management) will help you communicate effectively with clients.
3. Create a Coaching Package: Offer personalized coaching packages that provide clients with spending insights, savings strategies, and goal tracking. You can structure your services around specific needs, such as debt reduction or saving for a house.
4. Market Your Services: Reach out to potential clients via social media, freelancing platforms like Upwork, or finance-related forums. Many people are looking for affordable alternatives to traditional financial advisors.

• Cleo: AI-powered finance app that helps users manage their money by providing budgeting and spending insights.
• Albert: AI-driven financial assistant that helps with savings, budgeting, and financial advice.

• Offer subscription-based services where clients pay a monthly fee for ongoing financial coaching and advice.
• Focus on underserved markets, such as young professionals or individuals with lower incomes who may not have access to traditional financial advisors.

Investing can be intimidating for many people, but AI-powered platforms like Betterment and Wealthfront have democratized investing by providing automated portfolio management. You can start an investment advisory side hustle by using these AI-driven tools to help clients manage their investments with little ongoing effort.

1. Sign Up for an AI Investment Platform: Platforms like Betterment or Wealthfront use AI and algorithms to manage diversified portfolios based on risk tolerance, goals, and investment preferences.
2. Understand the Basics of Investing: Although AI will do the heavy lifting, having a basic understanding of investment principles, such as asset allocation and risk management, will help you guide clients and answer questions.
3. Offer Investment Advisory Services: Market yourself as a personal investment advisor who uses AI to optimize clients’ portfolios. Offer services that include setting up investment accounts, choosing appropriate portfolios, and explaining the platform’s features.
4. Create Personalized Reports: Use the AI tool to generate reports for your clients, showing how their investments are performing and offering insights into potential adjustments.

• Betterment: AI-driven investment platform that automatically manages diversified portfolios for users.
• Wealthfront: Offers AI-powered financial planning and automated investment management.

• Target beginners or those new to investing by offering simple, affordable advisory services that provide peace of mind without complex financial jargon.
• Offer a mix of one-time consultations and ongoing portfolio management to increase your earning potential.

Tax season is a stressful time for many individuals and small businesses, but with AI-powered tax tools like TurboTax and TaxSlayer, you can provide tax preparation services with ease. AI simplifies the tax filing process, identifying deductions, credits, and other opportunities to save money on taxes.

1. Choose a Tax Preparation Tool: Use AI-powered platforms like TurboTax or TaxSlayer to automate the tax preparation process. These tools guide users through a step-by-step process and use AI to identify potential deductions and errors.
2. Understand Tax Basics: While AI helps with calculations, understanding tax filing basics (e.g., types of income, deductions, and credits) will allow you to assist clients more effectively and ensure compliance.
3. Offer Tax Services: You can offer tax preparation services for individuals, freelancers, and small business owners who need help filing their taxes. Many clients will prefer to outsource tax filing to a trusted professional rather than doing it themselves.
4. Provide Personalized Support: While the AI tool handles most of the work, offering personalized advice on tax-saving strategies or helping clients with more complex tax situations (like business expenses or rental income) will make your service stand out.

• TurboTax: AI-powered tax preparation software that helps users file their taxes accurately and efficiently.
• TaxSlayer: Offers easy-to-use, AI-driven tax filing tools for individuals and small businesses.

• Offer tiered pricing, with basic tax preparation services for individuals and more comprehensive packages for small businesses or freelancers with complex tax situations.
• Focus on the convenience and accuracy of AI-driven tax preparation when marketing your services, especially during tax season.

Bookkeeping is essential for small businesses, but many owners struggle to keep track of their finances. With AI-powered tools like QuickBooks and Xero, you can offer bookkeeping services that streamline the accounting process for businesses, saving them time and ensuring their books are always accurate.

1. Choose an AI Bookkeeping Tool: Start with AI-powered platforms like QuickBooks or Xero. These tools automatically track income and expenses, generate financial reports, and manage invoices.
2. Learn Basic Bookkeeping: Understanding key bookkeeping principles (e.g., double-entry accounting, profit and loss statements) will help you provide better services and interpret AI-generated reports for clients.
3. Offer Bookkeeping Services: Provide ongoing bookkeeping services to small businesses or freelancers. With AI tools, you can automate much of the work, such as tracking expenses, categorizing transactions, and generating financial statements.
4. Offer Additional Services: Beyond bookkeeping, you can offer additional services like payroll management, invoicing, or tax preparation to increase your income potential.

• QuickBooks: AI-powered accounting software that automates bookkeeping tasks and financial reporting.
• Xero: Cloud-based accounting platform that provides AI-driven bookkeeping, invoicing, and reporting features.

• Offer monthly bookkeeping packages that include financial reports, tax preparation, and ongoing support for businesses.
• Target small businesses, freelancers, or solopreneurs who often need help managing their finances but can’t afford a full-time accountant.

Financial forecasting helps businesses plan for the future by predicting revenue, expenses, and cash flow. With AI-driven tools like Fathom and Jirav, you can offer financial forecasting services that provide businesses with insights into their financial health and help them make better decisions.

1. Use AI Financial Forecasting Tools: Sign up for tools like Fathom or Jirav, which automate the process of forecasting revenue, expenses, and cash flow. These platforms use AI to analyze historical data and predict future trends.
2. Understand Financial Forecasting Basics: Learning the fundamentals of financial forecasting, including how to analyze financial statements and project future performance, will help you interpret AI-generated forecasts for clients.
3. Offer Forecasting Services: Market your services to small businesses or startups that need help with financial planning. AI tools can help you provide detailed cash flow projections, budget forecasts, and performance analytics.
4. Provide Ongoing Analysis: Offer monthly or quarterly forecasting services to help businesses monitor their financial health and adjust their strategies based on changing circumstances.

• Fathom: AI-powered financial analysis and forecasting platform that provides insights into business performance.
• Jirav: Advanced AI tool for financial forecasting, budgeting, and reporting for businesses.

• Position yourself as a financial consultant who uses AI to provide data-driven insights that help businesses grow and thrive.
• Offer both short-term forecasting (e.g., cash flow management) and long-term strategic planning services (e.g., revenue growth projections).

Fraud detection is critical for businesses, especially in the e-commerce and finance sectors. With AI-based tools like Sift and Fraud.net, you can offer fraud detection consulting services to help businesses identify and prevent fraudulent transactions.

1. Sign Up for Fraud Detection Tools: Use platforms like Sift or Fraud.net, which use AI to analyze transaction data, identify suspicious behavior, and flag potential fraud.
2. Understand Fraud Detection Basics: Familiarize yourself with common types of fraud (e.g., payment fraud, identity theft) and how AI algorithms detect unusual patterns that may indicate fraudulent activity.
3. Consult with Businesses: Offer fraud detection consulting services to e-commerce stores, fintech companies, and online service providers. You can help businesses set up AI-powered fraud detection systems and provide ongoing monitoring services.
4. Analyze and Report: Use the AI tool to analyze transaction data and provide businesses with detailed reports on potential fraud risks, along with recommendations for improving their fraud prevention strategies.

• Sift: AI-driven fraud detection platform that monitors transactions and flags potential fraud in real time.
• Fraud.net: AI-powered fraud detection tool that analyzes data to prevent financial and e-commerce fraud.

• Offer a mix of one-time fraud detection system setups and ongoing monitoring services for businesses that need continuous protection.
• Target industries most at risk for fraud, such as e-commerce, online financial services, and digital marketplaces.

AI has opened up incredible opportunities for individuals looking to start a side hustle in the financial services industry. Whether you’re offering personal finance coaching, managing bookkeeping for small businesses, or providing AI-driven investment advice, these AI-powered tools make it easier than ever to provide valuable services with minimal manual effort.

Each of the six side hustles we’ve covered – AI-powered personal finance coaching, investment advisory services, tax preparation assistance, bookkeeping, financial forecasting, and fraud detection – allows you to help individuals and businesses manage their finances more effectively while building a sustainable side hustle.

To get started, choose the AI tool that best fits your interests and expertise, learn the basics of the service you want to offer, and begin marketing your services to potential clients. With the right tools, knowledge, and dedication, you can quickly establish yourself as a trusted financial services provider and create a profitable AI-driven side hustle in 2024.