Almost all (97.4%) financial advice professionals plan to increase their use of artificial intelligence (AI) in the advice journey, according to a poll from Advisersoftware.com.

During its inaugural Artificial Intelligence in Financial Advice conference, the advice technology firm asked attendees for their views on the current and future use of AI.

It found that while nearly all planned to increase their adoption of AI, more than half (57%) were seeking enhanced compliance processes to ensure use of the technology was suitable for advisory services going forward.

Nearly two thirds (65.8%) of advisers saw the future of advice services being primarily delivered through an online client portal.

Meanwhile, 32.9% believed that in-person client interactions would remain desirable on a quarterly or annual basis, suggesting that a hybrid advice model could become more commonplace as AI integrates into advisory processes.

When asked about where the value lies in using AI during the advice journey beyond the on-boarding process, 38% said it would be through the collation of client information, 32% cited the production of suitability reports, and 22% highlighted the value of automating meeting notes.

Commenting on the findings, Advisersoftware.com founder, Ian McKenna, said: “AI is having a tremendous impact on the sector already. It is the greatest opportunity for financial advice and at the same time, the biggest threat.

“It presents an enormous opportunity to close the advice gap and will, without doubt, mean technical financial advice will be available for free 10 years from now.

“Today, it supports advisers and allows them to free up the time needed to hone their skills that will ensure they remain relevant in the future. Advisers need to focus on the psychology and behavioural science elements of advice to remain relevant.”

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