How AI Could
Unlock a £50
Billion Financial
Advice Market
Insights from 2,000+ consumers about their attitudes to Financial Advice
If AI tools could make financial advice cheaper, to what extent would you be happy with your adviser using AI to help give you advice and recommendations
Jeff Lange,
CEO of TFAS Enterprise
While AI is not a replacement for human connection and the personal relationships held between an adviser and a client, it has the potential to democratise financial advice. By increasing accessibility, it can ensure that more people, regardless of their background or financial status, have the opportunity to achieve better financial outcomes.
What concerns would you have of an adviser using AI to assist in providing financial advice?
60% of higher socioeconomic status show comfort with AI driven financial tools vs. 40% of working class.
If AI tools could make your adviser more accessible, to what extent would you be happy for your adviser to use it?
Parenthood Transforms Financial Perspectives: Dramatic variation in payment willingness based on children - only 9% of childless individuals would pay £51-£100, compared to 45% of parents with one child.
David Kaye,
CEO of Puma Investments
This research reinforces the importance of financial advice and maintaining personal relationships while also highlighting the potential for advice firms to materially improve their service to clients by adopting AI technology. In particular, this technology has the capability to reduce substantially the administrative burden on advisers freeing them up to devote more time to meeting their clients’ needs.
