More than half of advisers are testing AI and regtech

The regtech firm's latest advice industry benchmark report revealed that 53% of financial advice firms surveyed are testing and trialling AI and regtech, but are spending 66% of their time on business, compliance, and staff development needs and only 34% on client meetings. Model Office's research also found that AI is viewed as both an opportunity and a risk by compliance officers. Between seven and 18 hours a week is being spent on governance, risk and compliance activity, Model Office found. The average firm is spending 13 hours a week on compliance activities (more than two months...