Twenty-three per cent of independent financial advisers (IFAs) are planning to introduce AI tools into their services to clients within the next 12 months, according to a new survey from Opinium.

The findings by the research and insights agency follow the Prime Minister’s announcement of government plans to expand the uses of AI to boost growth and efficiency.

Opinium’s research, which was carried out via an online survey of 200 IFAs, did also find that most respondents (64 per cent) are not planning to introduce AI into their practices in the next year. Around one in seven (14 per cent) said they already use AI tools.

According to the research, IFAs are currently divided on whether AI will help or hinder their business and the industry.

Opinium found that 57 per cent don’t feel it will have a positive nor negative impact on their firm, while 45 per cent thought the same about its potential impact on the industry.

However, while just over a quarter (27 per cent) of advisers perceive AI as a risk, a majority (56 per cent) view it as an opportunity.

Opinium global head of financial services research, Alexa Nightingale, commented: “Slowly but surely, IFAs are adopting AI within their practices, although the majority of the industry still has no intention to utilise AI tools.

“IFAs remain divided as to the benefits of AI, and while some are cautious about the risks, it's encouraging to see over half of advisers viewing AI as an opportunity. AI has the potential to support with admin and reporting tasks, streamline processes and more, giving advisers more time to deliver more personalised advice to clients.

“Embracing these technologies can help firms stay ahead of the curve, and help advisers deliver a better service to existing and new clients.”

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