As artificial intelligence (AI) rapidly becomes an invaluable tool, new global research released today reveals insights into AI usage and impact on financial planning, with two out of every three financial planners reporting that their firms already use AI or plan to use it within the next 12 months.
The global survey was conducted by the Financial Planning Standards Board Ltd. (FPSB), a nonprofit organization that sets standards for the financial planning profession and its global network of organizations. FPSB surveyed over 6,200 financial planners across 24 territories.
The survey revealed 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 improve the quality of financial guidance, reduce costs, and expand access to financial planning for historically underserved populations. Despite this optimism, financial planners recognize the risks associated with AI use, highlighting data privacy and cybersecurity as top concerns.
“With financial planners recognizing AI’s potential to reduce costs and believing it will expand access to underserved communities, AI is paving the way for more affordable financial advice. This technology isn’t just reshaping financial planning practice—it may also open doors for those who historically lacked access to essential financial services,” said Dante De Gori CFP®, CEO of FPSB.
Key findings from FPSB’s global survey on AI Impact in Financial Planning:
• Enhanced client services: Over three-quarters of financial planners (78%) believe AI will help them better serve clients, while 60% believe it will improve the quality of financial advice.
• Widespread AI adoption: Of the two-thirds of firms already using or planning to use AI within 12 months, adoption rates are highest among small or very large firms. 50% of financial planners have a positive view of AI, while only 8% hold a negative view.
• Cost reduction and increased access: 59% of financial planners see AI as a tool to help reduce financial planning service costs, and 60% believe it will increase access to financial planning for underserved populations.
• AI use in financial planning: Nearly half of planners using AI employ it to support client service delivery, including communications (41%), client data collection (33%), and risk profile analysis (30%). One in three use it to improve operational efficiency in areas like marketing and promotions (35%) and client onboarding (34%).
• AI concerns: Despite benefits, financial planners expressed concerns about AI use, with 47% citing data privacy and cybersecurity, and 42% worried about AI-generated results’ accuracy and reliability.
• Professional development needs: To better adapt to AI, 49% of financial planners expressed need for professional development to enhance data analysis and interpretation skills. Over one-third (36%) believe both the public and financial planning profession would significantly benefit from general AI education and training.
“As planners embrace AI to work smarter, we’re witnessing a defining moment for the financial planning profession—freeing up more time for deeper human connections with clients, like difficult conversations impacting financial decisions, while providing clarity and support to stay focused on achieving life goals,” added Dante De Gori, CFP®, CEO of FPSB. “This survey offers valuable insight into how financial planning professionals worldwide are leveraging AI to stay competitive, improve work efficiency, and better serve clients.”
