Despite this, 46% of firms are either already using AI or have plans to incorporate it into their operations in the near future.
The results of the survey showed that over half of advisers (57%) hold a positive outlook regarding AI's potential impact, particularly in client communication (personalisation and automation), data analysis, and compliance. Only a marginal 7% of firms anticipate a negative impact from the use of AI in the financial advice industry.
Nick Eatock, intelliflo’s CEO, said:
“We’re already seeing AI used in the advice process for notetaking during meetings and report writing, but that’s just the start. AI technology will become far more prevalent, not just in our sector, but in all sectors. The potential for AI to deliver better data analysis, clearer insight, and greater personalisation to improve the advice process for both advisers and clients is enormous. Although advice is highly personalised, there are also a lot of commonalities between clients. Using AI to understand those common factors could certainly help extend the reach of low-cost advice, helping millions of people to receive much-needed help with their long-term finances.”
