Is AI replacing financial advisers? Why 94% of clients say no

A third of people with a financial adviser have already turned to AI for help with money - but don't expect them to ditch the human anytime soon. Our research digs into who's using AI, what they're asking it to do, and why 94% of advised clients say they're sticking with their adviser regardless.

How many advised clients are already using AI for financial help?

Here's a stat that might surprise you: 33% of people with a financial adviser have already turned to AI for help with money.

A keener 9% of advised clients now use an AI tool or assistant regularly - for things like understanding an investment, researching a product, or thinking through a decision - and a further 24% dip in occasionally for the same kind of support.

Who’s using AI alongside a financial adviser?

No surprises here - it's the younger crowd. 86% of under-40s with an adviser have used AI for financial support, compared to just 8% of over-65s. But age isn't the only factor. Confidence matters too. Over 6 in 10 people who say they feel “very confident” about investing have used AI, compared to just 10% of the least confident.

So rather than levelling the playing field, AI right now looks like a tool for the already-confident, not necessarily a leg-up for those who need more support.

What financial help are people asking AI for?

Mostly it’s the factual groundwork. Maybe it’s understanding an investment, comparing products, or prepping questions before a call. When we asked what people would be comfortable letting AI do, about two-thirds said they were using it to complement their adviser. A hybrid approach whereby AI does the digging and fact-find, then a human adviser effectively checks it and signs off.

People are much less keen on AI making the big calls by itself. Only around half of those who use it would trust it with a full financial plan or retirement modelling.

Do advised clients also manage some of their own money?

AI isn’t the only source of help which advised clients are using. On average, more than a fifth of an advised client's money sits outside their adviser's control altogether - these are investments which people manage themselves. The reasons aren't really about saving on fees: half (50%) say they want to keep some independence, and 49% report simply enjoying managing part of their own money.

Tellingly, this isn't just something which clients with less money are doing. It’s actually more likely that richer clients also have a financial bit on the side. 53% of clients with over £1 million keep a self-directed pot purely because they enjoy it, versus 41% of those with under £250,000.

Are people ditching financial advisers for AI?

So, how are consumer behaviours shifting when it comes to getting help and financial advice? We're not (yet?) seeing signs of appetite for professional human-led advice dwindling. A significant 94% of advised clients plan to stick with theirs, although we are seeing changes in expectations.

People are finding more online sources of help, whether that's AI or a DIY investment platform, and then asking their adviser to do less of the legwork and more of the judging: sense-checking the numbers, reviewing the plan, and being the trusted voice who signs off on the decisions that really matter.

It seems that for now, in the battle of bots versus brokers, that humans still have the edge when it comes to validation and trust.

We’re researching this space. Please do add your experience in the comments below.