Advisors Race Ahead on AI, but Affluent Clients Aren’t Sold
Artificial intelligence is already embedded in many advisory firms’ back offices but expanding its role into front‑line advice will require more than better models.
Within financial services, AI is widely used for client meeting setup, notetaking, and document review, yet providers see clear potential to extend it into investment analysis, financial planning, and asset mapping, according to the latest Cerulli Edge—U.S. Retail Investor Edition.
The problem is investor comfort hasn’t caught up. Cerulli’s research shows “just 38% of affluent investors are at least somewhat comfortable with AI technology,” essentially unchanged from 39% in 2024. Support is highest among investors under age 50, where “more than 60%” are comfortable using AI in their financial relationships, but drops to 42% for those in their 50s and just 16% for investors 70 and older.
“There seems to be little doubt that AI has the potential to make the financial services industry significantly more efficient,” said John McKenna, senior analyst. “Currently, the emphasis is on non-value-added tasks, such as client meeting setup, notetaking, and document review. However, broader adoption across the advisor-client relationship may be in the works,” he added.
McKenna cautioned that providers with “strong AI ambitions” are marketing to an investing public long wary of technology that might dilute the personal connection with their advisor.
“If AI is to play a role in their business operations, advisors would do well to disclose where it is used, how clients’ sensitive information will be protected, and how it enhances, rather than detracts from, the advisor-client relationship,” he said.
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