As artificial intelligence (AI) rapidly becomes an invaluable tool, a new global survey released today reveals insights into the use and impact of AI in financial planning, with two in three financial planners reporting that their companies already use AI or plan to use it in the next 12 months.
The global survey was conducted by the Financial Planning Standards Board Ltd. (FPSB), a non-profit organization that sets the standards for the financial planning profession and its global network of organizations. The FPSB interviewed over 6,200 financial planners in 24 territories.
The survey showed strong adoption of AI, with financial planners using the technology to streamline client data collection, risk profile analysis, and communication. Participants expressed optimism about AI’s potential to enhance the quality of financial guidance, reduce costs, and expand access to financial planning for historically underserved populations. Despite the optimism, financial planners acknowledge the risks associated with AI use, highlighting data privacy and cybersecurity as major concerns.
“With financial planners recognizing AI’s potential to reduce costs and believing that it will expand access to underserved communities, AI is paving the way for more accessible financial advice. This technology is not only reshaping the practice of financial planning but can also open doors for those who have historically lacked access to essential financial services,” said Dante De Gori CFP®, CEO of FPSB.
Key findings from the FPSB’s global survey on the Impact of AI in Financial Planning:
– Enhanced customer service: More than three-quarters of financial planners (78%) believe that AI will help them better serve their clients, while 60% believe it will improve the quality of financial advice.
– Widely adopted AI: Of the two-thirds of companies already using or planning to use AI in the next 12 months, adoption rates are higher among very small or very large companies. 50% of financial planners have a positive view of AI, while only 8% have a negative view.
– Cost reduction and increased access: 59% of financial planners see AI as a tool to help reduce the cost of financial planning services and 60% believe it will increase access to financial planning for underserved populations.
– AI usage in financial planning: Nearly half of planners using AI use it to support the delivery of customer services, such as communications (41%), customer data collection (33%), and risk profile analysis (30%). One in three uses it to enhance operational efficiency, such as in marketing and promotions (35%) and the customer onboarding process (34%).
– Concerns about AI: Despite the benefits, financial planners have expressed concerns about AI use, with 47% citing data privacy and cybersecurity, and 42% concerned about the accuracy and reliability of results generated by AI.
• Need for Professional Development: To better adapt to AI, 49% of financial planners expressed the need for professional development to enhance their data analysis and interpretation skills. Over a third (36%) believe that both the public and the financial planning profession will significantly benefit from general education and training in AI.
“As planners embrace AI to work smarter, we are witnessing a pivotal moment in the financial planning profession, allowing more time for deep human connections with clients, such as difficult conversations impacting financial decisions and providing clarity and support to stay focused on achieving their life goals,” added Dante De Gori, CFP®, CEO of FPSB. “This research offers a valuable insight into how financial planning professionals worldwide are leveraging AI to stay competitive, improve work efficiency, and better serve clients.”
