"IFAs remain divided as to the benefits of AI, and while some are cautious about the risks, it's encouraging to see over half of advisers viewing AI as an opportunity. "
- Alexa Nightingale, global head of financial services research at Opinium
The Prime Minister has just announced Government plans to expand the uses of AI in order to boost growth and efficiency; something the financial sector had already begun to explore in recent months with almost one in four (23%) independent financial advisers planning to introduce AI tools in their services to clients within the next 12 months.
However, the new survey from global research and insights agency Opinium found that the majority of IFAs (64%) are not planning to introduce AI into their practices in the next year. Around one in seven (14%) already use AI tools.
AI pros and cons: IFAs are divided
Advisers currently feel divided as to whether AI will help or hinder their business and the industry. Nearly three in five (57%) don’t feel it will have a positive nor negative impact on their firm, and 45% think the same about its potential impact on the industry. However, while just over a quarter (27%) of advisers perceive AI as a risk, a majority (56%) view it as an opportunity.
Alexa Nightingale, global head of financial services research at Opinium, commented: “Slowly but surely, IFAs are adopting AI within their practices, although the majority of the industry still has no intention to utilise AI tools.
"IFAs remain divided as to the benefits of AI, and while some are cautious about the risks, it's encouraging to see over half of advisers viewing AI as an opportunity.
"AI has the potential to support with admin and reporting tasks, streamline processes and more, giving advisers more time to deliver more personalised advice to clients. Embracing these technologies can help firms stay ahead of the curve, and help advisers deliver a better service to existing and new clients.”
