Two in three advisers (68%) have concerns about clients turning to AI for financial advice instead of human advisers, according to a new report.
One in six advisers surveyed by network The Openwork Partnership said they had seen a growing number of clients using AI to support their Financial Planning over the last six months.
Nine in ten advisers (89%) said they believed AI would have an impact on the traditional client-adviser relationship.
However, most respondents said they were confident that the impact of the technology would be positive, with 55% believing that AI will complement their roles. The advisers surveyed said AI freed up more time to focus on strategic advice and strengthening client relationships.
One in five advisers surveyed (20%) were already exploring how they could incorporate AI into a hybrid advice model, with a further 16% recognising an ‘urgent need’ to adapt their businesses to remain competitive.
Rob Barker, CEO of The Openwork Partnership, said: “At Openwork we fully appreciate that AI is reshaping the adviser landscape at remarkable speed, and our findings show advisers are embracing that change with both optimism and realism.
“Like many of our advisers, we see technology not as a threat, but as an enabler that frees them to focus on more in-depth conversations and building stronger client relationships.”
• Openwork surveyed 333 advisers across The Openwork Partnership and 2plan between 10 April and 4 May.