Two in three financial planners say their firms use artificial intelligence or plan to in the next 12 months, says a new global survey.

Financial Planning Standards Board, the nonprofit standards-setting body for the global financial planning profession, and its international affiliates surveyed over 6,200 financial planners across 24 territories for the study.

FPSB researchers reported in a news release that AI adoption has been strong as financial planners use it to streamline client data collection, risk profiling and communications.

In general, survey participants expressed optimism about the potential of AI to improve financial planning advice, cut costs and increase underserved populations’ access to financial planning. However, financial planners acknowledged AI comes with risks, mostly relating to data privacy and cybersecurity.

“With financial planners recognizing AI’s potential to lower costs and believing it will expand access to underserved communities, AI is paving the way for more affordable financial advice,” FPSB CEO Dante De Gori, CFP, said in the release. “This technology is not just reshaping the practice of financial planning but may also open doors for those who have historically lacked access to critical financial services.”

Key Findings

In particular, the study found:

• Improved client services: Over three-quarters of financial planners (78%) say AI will help them improve client service, while 60% say it will improve their financial advice.
• Widespread AI adoption: Of the two-thirds of firms that either use or plan to use AI in the next 12 months, the highest rates of adoption are seen among very large and small firms. Half (50%) of financial planners view AI positively, while negative views are held by only 8%.
• Lower cost and increased access: 59% of financial planners see AI as a tool that can reduce the cost of financial planning services, while 60% say it will enhance underserved populations’ access to financial planning.
• Usage of AI in financial planning: Among financial planners already using AI, 41% use it for client communication and other services, 33% for client data collection, and 30% for client risk profiling. One in three use AI to improve operational efficiency: 35% in marketing and promotions, and 34% in the client onboarding process.
• Concerns with AI: Financial planners still have concerns about using AI, chiefly about data privacy and cybersecurity (47%) and the accuracy and reliability of AI outputs (42%).
• Need for professional development: To better utilize AI, 49% of financial planners said they need professional development to improve their data analysis and interpretation skills. And 36% say the financial planning profession and the public would benefit greatly from general education and training on AI.

“We are witnessing a pivotal moment in the financial planning profession as financial planners embrace AI to work smarter, allowing more time to engage in deeper human connection with clients such as navigating difficult conversations that impact financial decision-making and providing clarity and support to stay on track to achieve their life goals,” De Gori said. “This survey provides a valuable snapshot of how financial planning professionals worldwide are leveraging AI to stay competitive, improve work efficiency and better serve clients.”