The integration of AI in financial advice is accelerating, but over half (57%) of advisers are advocating for enhanced compliance processes to fully leverage AI in providing advice, according to AdviserSoftware.com’s recent poll at its inaugural Artificial Intelligence in Financial Advice (AIFA) conference.
Two years after AI tools like ChatGPT launched, advisers are increasingly utilising AI for onboarding, data collection, and generating suitability reports. A survey of over 100 conference attendees revealed that 65.8% believe future advice services will primarily be delivered through online portals, while 32.9% still see a role for in-person client interactions on a regular basis.
Ian McKenna, founder of AdviserSoftware.com, stressed AI’s transformative potential, stating: “Artificial intelligence is having a tremendous impact on the sector already. It is the greatest opportunity for financial advice and at the same time, the biggest threat. It presents an enormous opportunity to close the advice gap and will, without doubt, mean technical financial advice will be available for free 10 years from now.”
McKenna added that AI supports advisers by freeing up time, allowing them to “hone their skills that will ensure they remain relevant in the future. Advisers need to focus on the psychology and behavioural science elements of advice to remain relevant.” Nearly all surveyed (97.4%) plan to increase their use of AI in the advice journey, foreseeing further efficiencies and enhanced service.
