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/...
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