Half of all financial advice to be led by artificial intelligence

‘It is naive to think the human adviser will save the advice profession’

Sahar Nazir
clock • 3 min read

At least half of all advice will be led by artificial intelligence (AI) over the next few years, according to Finovation Consulting founding director Craig Barraclough.

Speaking at Multiply AI's Best Practices for Gen AI in Financial Advice event yesterday (4 July), Barraclough said face to face advice will be a "shrinking portion" of the industry. "Generative AI is going to empower the adviser," he said. "As a society we are changing, and we are moving away from talking to humans." Barraclough also said he expects the industry to build trust in AI systems. "If I can get the same advice from AI, then it becomes a question of value. We might be naive to think the human adviser will save the advice profession," he said. Despite the call to embrac...

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

The state of financial vulnerability in 2024 and what 2025 holds

The state of financial vulnerability in 2024 and what 2025 holds

'Most firms are now heading in the right direction with their vulnerability processes'

Richard Farr
clock 20 December 2024 • 3 min read
Feel Good Friday: BRI Wealth Management raises money for homeless charity

Feel Good Friday: BRI Wealth Management raises money for homeless charity

Firm has raised £650 for Let’s Feed Brum

Professional Adviser
clock 20 December 2024 • 1 min read
Bank of England holds interest rates steady at 4.75% amid heightened inflation

Bank of England holds interest rates steady at 4.75% amid heightened inflation

Interest rates remain the same

Sorin Dojan
clock 19 December 2024 • 2 min read