Advisers are increasingly advocating for stronger compliance protocols when integrating AI into financial advice, a recent survey reveals.
- 57% of financial advisers express the need for enhanced compliance processes for AI usage.
- Two years post-ChatGPT launch, 66% predict a shift towards online client portals for advice delivery.
- The inaugural conference highlights AI’s role in shaping the future of financial advisory services.
- Experts emphasise the potential of AI to revolutionise client interaction and data access.
In the evolving landscape of financial advisory, a substantial number of professionals are urging for more rigorous compliance measures to accompany the integration of artificial intelligence in their services. According to a survey conducted by AdviserSoftware.com, a notable 57% of advisers believe that the industry’s compliance frameworks need enhancement to effectively incorporate AI technologies.
The insights were gathered from over 100 participants of the first Artificial Intelligence in Financial Advice conference, marking a significant moment in the discourse around technology-driven financial services. The sentiment echoes the growing necessity for rules that can keep pace with rapid technological advancements and ensure ethical, secure implementation of AI solutions.
Following the public release of ChatGPT two years ago, the financial advisory sector is witnessing significant transitions. A striking 66% of the survey respondents anticipate that future advisory services will predominantly be delivered through online client portals. This shift is expected to facilitate virtual client-adviser interactions, offering clients easy access to personalised financial data and advice.
The conference served as a platform for industry stakeholders to explore how AI could redefine the advisory process. There is a growing consensus that AI’s role is not just supplementary but integral, promising to transform how clients engage with their advisers and handle financial information.
Experts in the field are optimistic about AI’s potential to revolutionise client interaction, allowing for more efficient, tailored advice while ensuring clients have consistent access to their financial information. However, they stress that the underlying compliance structures must evolve to support these advancements sustainably.
The future of financial advice is set to embrace AI extensively, necessitating updated compliance measures to ensure its responsible use.
