Investors reject AI for wealth management, survey finds
Three-quarters of investors distrust AI chatbots handling their money, according to a survey from Janus Henderson released Tuesday. The findings suggest wealth managers needn't fear replacement by automation-at least not yet.
The study of 1,000 investors revealed specific concerns that drive this skepticism:
- 75% worry AI will be biased or conflicted
- 74% have privacy concerns
- 70% can't assess whether a chatbot's output is accurate
- 33% would object if their advisor used AI for investment recommendations
Matt Sommer, head of Specialist Consulting Group at Janus Henderson Investors, attributed the distrust to what investors read about AI. "People are hearing about concerns: How accurate is this data, how skewed is this data, how biased is this data?" he said. "And what's happening to my personal information?"
Investors also value human contact. Forty percent said they'd be upset if their financial advisor automatically responded to emails or texts using AI.
The investment paradox
The distrust doesn't extend to AI as an investment opportunity. Sixty-one percent of respondents expect AI to boost market returns over the next five years.
Younger investors show greater confidence. Seventy-three percent of millennials believe AI stocks will outperform long-term. This gap may reflect usage patterns: 76% of millennials use AI for personal or professional work, compared to 16% of baby boomers.
For managers overseeing financial services or investment operations, understanding this gap between investor skepticism and market optimism is critical. Learn more about AI for Finance and how to navigate trust issues with stakeholders.
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