Half of Financial Planners had a positive outlook on AI, while only 8% viewed it negatively.
Two in three Financial Planners are using artificial intelligence (AI) tools or are planning to within the next 12 months, according to a new report.
Financial Planners are using AI to streamline client data collection, risk profiling, and communications, according to a report from global professional body the Financial Planning Standards Board (FPSB).
Of the two-thirds of firms that either have or are planning to leverage AI in the next 12 months, adoption rates were highest among small or very large firms. 50% of Financial Planners had a positive outlook on AI, while only 8% viewed it negatively.
Three quarters (78%) of the 6,200 Financial Planners surveyed said they believe AI can help them better serve clients, with 60% saying it will enhance the quality of financial advice.
Half of Financial Planners had used AI to support delivery of client services such as client communications (41%), client data collection (33%) and client risk profiling (30%).
One in three told the FPSB that they are using AI to improve operational efficiency, such as in marketing and promotions (35%) and the client onboarding process (34%).
Two thirds (59%) said they see AI as a tool to help reduce the cost of Financial Planning services, with 60% saying it could increase access to Financial Planning for underserved populations.
Half of the advisers surveyed (49%) said they would like professional development to improve their data analysis and interpretation skills. A third (36%) added that both the public and the profession would benefit from general education and training on AI.
However, Planners also recognised the risks associated with the use of AI, citing data privacy (47%) and cybersecurity (42%) as top risks.
Dante De Gori, CEO of the FPSB, said: “We are witnessing a pivotal moment in the Financial Planning profession as Financial Planners embrace AI to work smarter, allowing more time to engage in deeper human connection with clients such as navigating difficult conversations that impact financial decision-making and providing clarity and support to stay on track to achieve their life goals.”
The FPSB surveyed over 6,200 Financial Planners across 24 countries about how they view artificial intelligence between November and December.
