Majority of IFAs 'concerned' about artificial intelligence

Three in five believe regulations on use of AI tools should be made stricter

Sahar Nazir
clock • 2 min read

The majority (85%) of IFAs have some concerns around artificial intelligence (AI) and machine learning in financial advice, according to research and insights agency Opinium.

As a result, more than three in five (61%) said regulations around the use of AI tools in the financial advice sector should be made stricter. This is according to Opinium's research carried out among 200 advisers between 17 and 21 November 2023. The study found that 41% of IFAs have not used or implemented AI tools such as ChatGPT in their services to clients yet but would consider doing so within the next year. Only 4% have already implemented AI tools in their services to clients. More than one third (35%) of IFAs said they would never consider using AI tools in their work. H...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

FCA: Most firms unable to meet bereavement claims performance levels

FCA: Most firms unable to meet bereavement claims performance levels

Call for improved bereavement handling times

Cameron Roberts
clock 22 November 2024 • 3 min read
ETF providers launch unlisted share classes to tackle slow MPS adoption

ETF providers launch unlisted share classes to tackle slow MPS adoption

Technological and cost barriers

Valeria Martinez
clock 22 November 2024 • 5 min read
Advisers expect regulation to limit time taken on giving advice

Advisers expect regulation to limit time taken on giving advice

Industry expects it will constrain their ability to meet demand

Isabel Baxter
clock 22 November 2024 • 2 min read