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Financial Planners Embrace AI to Enhance Client Services and Improve Efficiency
Two-thirds of financial planners across 24 countries use or plan to adopt AI within a year, boosting client services and cutting costs. Half see AI positively, while data privacy and cybersecurity remain key concerns.
Financial Planners Embrace AI Amid Growing Adoption
A recent report from the Financial Planning Standards Board (FPSB) highlights a significant shift in how Financial Planners view and use artificial intelligence (AI). Two-thirds of planners surveyed across 24 countries are either already using AI tools or plan to implement them within the next year.
The adoption of AI is particularly strong among small and very large firms, signaling broad interest regardless of company size. Half of Financial Planners have a positive outlook on AI, while only 8% view it negatively, reflecting growing confidence in the technology’s potential.
Practical AI Applications in Financial Planning
- Client communications (41%)
- Client data collection (33%)
- Client risk profiling (30%)
Additionally, AI is helping improve operational efficiency, with 35% using it for marketing and promotions and 34% for client onboarding processes. Cost reduction is another major benefit, with 59% of advisers seeing AI as a tool to lower Financial Planning service expenses.
AI’s Role in Expanding Access and Quality
Nearly 60% of Financial Planners believe AI can increase access to services for underserved populations. Moreover, 78% agree that AI can help them better serve clients, and 60% say it will enhance the quality of financial advice.
Professional Development and Risk Awareness
Despite the enthusiasm, planners recognize the need for more education around AI. About half want training to improve data analysis and interpretation skills, and over a third believe both the public and the profession would benefit from general AI education.
Concerns around data privacy (47%) and cybersecurity (42%) remain top risks associated with AI use in financial planning.
Looking Ahead
Dante De Gori, CEO of the FPSB, notes this as a pivotal time for the profession as AI helps planners work smarter, freeing up time to focus on deeper client relationships and critical financial decisions.
For finance professionals interested in expanding their AI skills, exploring targeted courses can be a practical next step. Resources such as Complete AI Training’s finance-focused courses offer focused learning paths to help integrate AI effectively into financial services.