Advisers see artificial intelligence (AI) as the biggest challenge, and most firms are still not using it, new research shows.
A new survey by UK financial adviser directory Unbiased found that financial advisers see AI as a big challenge, but also as a big opportunity – but most are still avoiding it.
Of those surveyed, 29% said they see AI as the biggest challenge for the profession, ranking ahead of rising business costs and client acquisition and retention. However, 56% said they see AI having the potential to support their business in future.
Yet, only 39% are using AI right now in any form, meaning almost two thirds (61%) are not using it at all.
Matt Cockayne, chief revenue officer at Unbiased, said: “AI is moving fast – and financial advice firms that don’t engage with it risk falling behind.
“Right now, most use cases are focused on back-office efficiency, but the real opportunity lies in how AI can improve client engagement and drive business growth as a multiplying factor.
“There’s clearly an appetite for innovation, but also hesitation – especially in a profession built on trust and human relationships. That’s why adoption depends on building tools that advisers find intuitive, compliant, and genuinely useful in practice.”
