50% of advisers believe AI will help them achieve their business goals

Financial advisers believe technology will lead to significant leaps in how they do business over the next five years. And what technology do they think will deliver on this promise? 50% of advice firms say AI – jumping from 25% the previous year – the largest increase of all AdviceTechs.

45% of advice firms are AI interested

At this stage, AI is still not widely adopted by financial advice businesses, yet there is considerable interest. Only 11% of advice firms have piloted or are implementing AI for limited use cases, yet one-third (34%) are exploring its potential. This suggests almost half of all advice firms are ‘AI interested’.

AI chatbots, like ChatGPT are being trialled by many firms

The advice firms dipping their toe in AI are experimenting with a variety of tools, with the most common category being AI chatbots (65%), like ChatGPT.  

AI is set to transform all facets of the advice process, especially marketing

As we look ahead to the next five years, we expect AI to have a real impact for advisers. Almost seven in 10 (67%) are using or exploring its use in marketing, whilst around six in 10 touch are exploring its potential for client related tasks, administration and the advice itself.