AI scepticism among the financial advice industry declines

According to its ‘Adviser Reviews Report', AI scepticism has declined rapidly. It found that 34% of advice businesses use AI and the share of advisers that say they are ‘not using AI, not fit for purpose' has dropped from 29% last year to 7%. Advisers in larger firms are more likely to be using/implementing AI than those in smaller firms, the report revealed, with 43% of those in firms with more than ten advisers saying that use it. This is compared to 19% of one-man bands. Most financial advisers (52%) continue to be in the interested but wait and see category. One firm summarised...