A third of advisers believe artificial intelligence (AI) will transform their profession but a fifth fear the technology will replace the work they currently do, according to research.
CoreData spoke to 267 UK financial advisers and found that 32% believe AI will "revolutionise" the advice sector. Almost half (45%) said they thought AI would help them service clients more efficiently and about a third (31%) foresee advice fees reducing due to AI. The research also found 10% thought AI would help reduce mis-selling. About a quarter (26%) said their firm was looking to integrate AI while 31% thought businesses that did not embrace the technological advancement would be at a competitive disadvantage. However, the study also showed that advisers are worried about the...
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