AI financial queries push clients toward human advisors, New York Life survey finds
Twenty-seven percent of Americans who used AI for financial questions say the technology increased their need for a human advisor, according to New York Life's latest Wealth Watch survey released September 16. The finding challenges the assumption that AI tools will replace financial professionals, instead suggesting they are becoming a gateway to more informed client conversations.
The survey of 2,278 American adults found that 27% asked an AI tool a financial question in the past year. Only 23% of those users accepted the AI's advice without validating it first. Fifty-four percent ran their own internet search to verify the information, 31% consulted a friend or family member, and 29% checked with a different AI tool.
Trust gaps persist despite usage
Less than half of Americans - 45% - trust AI tools at least "somewhat," and only 24% say they would feel comfortable using AI for financial guidance. The most common inquiries involve budgeting or saving, asked by 42% of users, followed by investment basics at 39% and general financial education at 31%. Just 10% of AI users sought help developing a full financial strategy.
"Our research shows Americans are using AI to build their financial knowledge, ask better questions and make more informed financial decisions," said Sean Madgett, vice president and head of planning and practice solutions at New York Life. "We also found that more than half of adults, 62%, believe AI tools don't understand their personal financial situation very well. Taken together, we're seeing AI as a starting point, but not a replacement for tailored human guidance."
Even among users who rated AI's financial advice as at least "good" - 82% of respondents - only 43% said the guidance was sometimes tailored to their situation. Twenty-two percent described the advice as mostly generic.
Younger generations want humans in the loop
The desire for human involvement intensifies among younger adults. Forty percent of Gen Z respondents said AI access increases their need for a human financial advisor, compared to 27% of Americans overall. Three in four respondents said human involvement is important for their most significant financial decisions.
"Americans don't want to choose between technology and a human relationship. They want both, and when their financial professional uses AI well, it can deepen the trust they already have," Madgett said.
Seventy-six percent of respondents said they would be comfortable if their financial professional used AI to help manage or inform their strategy. Support tasks like scheduling and reminders drew the highest comfort levels, followed by meeting preparation and document organization.
Industry patterns mirror survey findings
Other companies are observing similar behavior. Employers, a workers' compensation company, integrated ChatGPT to reach potential clients but designed the tool to inform conversations rather than replace human agents. Business owners use the ChatGPT application to arrive at discussions with agents better prepared.
The survey data reinforces a pattern taking shape across AI for Insurance: technology draws people in, but complex decisions push them toward professionals. The same dynamic appears in broader AI for Finance applications, where tools handle research and routine tasks while advisors manage strategy and personalization.
Why this matters for insurance professionals
Clients arriving with AI-generated questions are not a threat - they are pre-educated leads. The survey shows these individuals still want validation, personalization, and human judgment. Advisors who can engage with AI-informed clients without dismissing their research will capture the segment of consumers who are actively seeking guidance but starting their journey with technology. The data also points to a concrete trust-building opportunity: 76% of clients are comfortable with advisors using AI for back-office tasks, meaning firms can adopt these tools openly without undermining client confidence.
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