Human Connection Outranks AI in Financial Planning, Finds Northwestern Mutual Study
Most Americans prefer working with human financial advisors over artificial intelligence when planning their finances. Northwestern Mutual's 2025 Planning and Progress Study reveals that while AI tools have a place, the trust in advisors remains strong.
Nearly half of those surveyed (47%) favor advisors who combine their expertise with AI tools. Younger generations show a stronger preference for this hybrid approach: 54% of Gen Z and Millennials, compared to 46% of Gen X and 36% of Baby Boomers.
AI as a Tool, Not a Replacement
Respondents are comfortable with AI supporting tasks like fraud detection, trend forecasting, and scenario modeling. However, they want these technologies guided by a human advisor who can interpret data in the context of personal life goals.
Jeff Sippel, chief strategy officer at Northwestern Mutual, emphasizes that financial planning is more than numbers. It involves sensitive conversations about life decisions that require empathy and trust — qualities only human advisors can fully provide.
Where Humans Still Lead
More than half of those surveyed trust human advisors over AI in key areas such as:
- Creating retirement plans
- Building and managing investment portfolios
- Recommending financial products
- Updating personal customer information
The only exception is budget management and keeping clients on track, where human trust drops slightly below 50%, showing more openness to AI assistance.
Integrating AI Thoughtfully in Financial Services
Sippel notes the importance of carefully testing and implementing AI tools to increase advisor productivity and improve client service. Northwestern Mutual actively evaluates AI applications for appropriate uses.
For insurance professionals, understanding how to blend AI tools with personalized advice can strengthen client relationships and improve outcomes. Learning about these technologies can be valuable for adapting to evolving client expectations.
To explore AI tools that complement financial and insurance services, consider checking out resources like AI tools for finance and AI certification courses tailored for professionals.
Survey Methodology
The findings come from a survey conducted by The Harris Poll for Northwestern Mutual, polling 4,626 U.S. adults between January 2 and January 19, 2025.
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