The Financial Planning Standards Board (FPSB) published global research on how artificial intelligence is being used in financial planning and how practitioners assess its benefits and risks. Based on a survey of 6,206 financial planners across 24 territories, around two-thirds reported that their firms are already using AI or plan to adopt it within the next 12 months, with 78% expecting AI to help them better serve clients. The findings point to AI being used mainly to support client-facing activity and operational efficiency, including client communications (41%), client data collection (33%) and client risk profiling (30%), as well as marketing and promotions (35%) and the client onboarding process (34%). Respondents linked AI to lower costs and broader reach, with 59% saying it could reduce the cost of financial planning services and 60% expecting it to increase access for underserved populations, while also flagging key risks around data privacy and cybersecurity (47%) and the accuracy and reliability of AI outputs (42%). Nearly half (49%) reported a need for professional development to strengthen data analysis and interpretation skills.
Financial Standards Planning Board 2025-05-06
Financial Planning Standards Board research finds widespread AI adoption in financial planning alongside privacy and reliability concerns
The Financial Planning Standards Board published research indicating that two-thirds of surveyed financial planners are using or plan to adopt artificial intelligence (AI) within 12 months, with 78% expecting AI to enhance client service. The study highlights AI's role in client communications, data collection, and risk profiling, while noting concerns about data privacy, cybersecurity, and the need for professional development in data skills.