72% of financial advisors say AI integration is important to their business, but 95% feel unprepared

Nearly three-quarters (72%) of financial advisors believe it is important to integrate artificial intelligence (AI) into their processes. However, almost everyone (95%) feels unprepared due to a lack of required skills within their company, as shown in intelliflo’s 2024 Advice Efficiency Survey.

Despite this, 46% of companies are already using AI or have plans to integrate it into their operations in the near future.

“We’re already seeing AI being used in the consulting process for meeting notes and report writing, but that’s just the beginning,” says Nick Eatock, CEO of intelliflo, who emphasized that “AI technology will become much more prevalent, not only in our sector, but in all sectors. The potential for AI to deliver better data analysis, clearer insight and greater personalization to improve the advisory process for both advisors and clients is enormous. Although advice is very personal, there are also many similarities between clients. Using AI to understand these common factors could certainly help expand the reach of low-cost advice, giving millions of people much-needed help with their long-term finances.”

According to intelliflo’s research, the majority of advisors (57%) have a positive view of the potential impact of AI, particularly in the areas of customer communications (personalization and automation), data analytics and compliance, identified as the key areas benefit from early implementation. Only a marginal 7% of companies expect a negative impact from the use of AI in the financial advisory sector.

Tech companies are actively developing tools tailored to the consultancy sector. For example, in the intelliflo store, integrations with Model Office and RecordSure use AI to provide compliance support and provide speech and document analytics for review purposes.