More than half of people getting financial advice will accept AI playing a role in their financial planning, but only if a human being still makes the final decision, according to new research from deVere Group.
A survey by the firm found that 55% of its clients said they would accept the role of AI if a person was still making the final call, set that single condition on AI involvement, while a further 57% said they are open to AI helping with research and preparation, provided it never replaces the adviser at the point a decision actually gets made.
However, there was some divide among clients of different ages. Clients around the age of 54 embraced AI readily, but by age 65, scepticism becomes the default, with many clients actively distrustful of any decision an algorithm has a hand in, deVere found.
“People are not confused about what they want from AI – they want it doing the work nobody enjoys, not making the calls that decide their retirement,” said James Green, regional director at deVere Group.
“Someone using an AI tool is not the same as someone trusting it with their future. People will experiment, but they will not forgive a mistake made by something they never agreed should be deciding anything in the first place.”
