Almost all advisers feel unprepared to integrate artificial intelligence into their work, despite almost three quarters thinking it is important.
A total of 95 per cent of advisers who responded to Intelliflo's Advice Efficiency Survey reported feeling unprepared for AI.
However, 46 per cent said they are already using AI or have plans to incorporate it into their operations in the near future.
Nick Eatock, Intelliflo’s CEO, said so far it is being used for notetaking during meetings but said this is just the start.
He said: "The potential for AI to deliver better data analysis, clearer insight, and greater personalisation to improve the advice process for both advisers and clients is enormous.
"Although advice is highly personalised, there are also a lot of commonalities between clients.
"Using AI to understand those common factors could certainly help extend the reach of low-cost advice, helping millions of people to receive much-needed help with their long-term finances.”
According to Intelliflo’s survey, 57 per cent of advisers hold a positive outlook regarding AI's potential impact, particularly in client communication, data analysis, and compliance.
Of those asked, just 7 per cent thought there would be a negative impact on the financial advice industry.
This week, the founder of the Financial Technology Research Centre claimed artificial intelligence could become the most dominant provider of financial advice by the 2040s.
Ian Mckenna said: “There is an important personal aspect to delivering financial advice, but all knowledge professions are now under threat for the next decade."
tara.o'connor@ft.com
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