Clients being misled by AI top adviser concern

More than two thirds flag concerns about clients turning to AI for financial advice

Sophia Panayi
clock • 1 min read

Nearly nine in ten advisers (89%) believe that artificial intelligence will have an impact on the traditional client-adviser relationship, with 68% citing concerns about clients turning to it for financial advice without professional guidance and being misled as a result, research from the Openwork Partnership has found.

However, the Openwork Pulse survey – surveying 333 respondents – also found 55% believe AI will complement their roles, allowing them more time to focus on advice and client relationships. Of 118 of the respondents, one in six advisers have seen more clients using AI to support with their financial planning over the last six months. Meanwhile 20% are already exploring how they can incorporate AI into a hybrid advice model with 16% recognising an urgent need to adapt their business to remain competitive. Additionally, the survey revealed clients are the most worried about inflation/...

To continue reading this article...

Join COVER for free

  • Unlimited access to real-time news, key trend analysis and industry insights.
  • Stay on top of the latest developments around health and wellbeing, diversity and inclusion and the cost of living crisis.
  • Receive breaking news stories straight to your inbox in the daily newsletter.
  • Members only access to monthly programme 'The COVER Review'
  • Be the first to hear about our CPD accredited events and awards programmes.

Join now

 

Already a Cover member?

Login

Sophia Panayi
Author spotlight

Sophia Panayi

Senior reporter at Professional Adviser

More on Technology

Analytics key to changing health insurance

Analytics key to changing health insurance

How should the industry adapt?

Jessica Plewes and Lisa Balboa
clock 12 October 2026 • 4 min read
Partner Insight: Autonomous agentic AI - Are Insurers Ready for the Next 30 Years?

Partner Insight: Autonomous agentic AI - Are Insurers Ready for the Next 30 Years?

A practical look at how insurers move from AI as decision support to AI that autonomously executes outcomes across underwriting, claims, and customer engagement.

Sapiens
clock 29 September 2026 • 2 min read
Subcontext adds ChatGPT capability for protection

Subcontext adds ChatGPT capability for protection

Selling directly to potential customers

Jaskeet Briah
clock 23 September 2026 • 2 min read