Advisors may want to consider jumping on the artificial intelligence bandwagon, if they haven’t already, as clients appear to be receptive to the idea. About half of Americans who are engaged with an advisor think that advisor already uses AI for at least one professional purpose and nearly three-quarters of this group think they should use AI.
Those who do not already have an advisor are slightly more cautious about the use of the technology, with 53.4% saying advisors should use AI, according to a study by the Million Dollar Round Table (MDRT). Survey respondents were fairly open to the idea of advisors using AI for client assistance functions, including chatbots. Overall, those surveyed said they are most comfortable with advisors using AI for smaller tasks, such as conducting research and developing meeting summaries.
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However, Americans are not comfortable with advisors using AI for tasks requiring more personal information, including providing tailored financial advice, the report found. Across generations, 42% of Americans were uncomfortable with advisors using AI to provide tailored financial advice. Women were especially opposed to the idea, the report found.
Still, many of the survey respondents who have an advisor who uses AI indicated the quality of advice they have received has been somewhat better because of the technology. As such, financial services professionals should focus on learning how AI can help them manage small tasks while keeping clients informed about how they plan to leverage the technology before they actually do so. This will build trust and demonstrate a dedication to continued growth, the report said.
“The widespread adoption of AI across industries highlights the need for financial services professionals to stay ahead of the curve by finding ethical ways to implement AI in their practices,” said MDRT Top of the Table member Panos Leledakis, LUTCF. “Advisors learning the best uses for AI in their practices and informing clients on the ways it will be used demonstrates their commitment to their clients and to continuous business development.”
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