Artificial intelligence cannot replace human advice, according to a new report from VouchedFor.
The VouchedFor 2026 Top Rated Financial Adviser Guide, featuring 2,784 advisers who have qualified as top rated, found almost all clients (98.9%) said they would recommend their adviser.
Furthermore, more than eight in 10 (86%) said they clearly understand the fees they are paying and 97% said they understand the level of risk involved.
While financial advisers and planners agree that AI can improve efficiency and streamline operations, the general consensus was that it cannot replace the personal advice clients need when making complex decisions around tax, pensions and long-term planning.
Commenting in the report, Sharad Champaneria, independent financial adviser at Accomplished Financial Solutions, said: “Clients want to know who they are dealing with, who is responsible for the advice and to be able to pick up the phone to someone when they need to.”
Referring to AI, he adds: “If you do encounter problems, you are not going to have any recourse because there is no one to sue.”
Concerns also remain around the risks of unreliable or unverified information being presented as guidance.
Harriet Spurrell, head of customer success at VouchedFor, said: “AI is undoubtedly changing how people engage with their finances, but it can’t replace the reassurance, empathy and personal understanding that a professional adviser brings. Financial decisions are deeply human, and clients still want someone they trust by their side.
“What is changing is how that trust is built. More consumers are researching advisers online before making contact, which means reputation has never been more important. Advisers who are proactive in building and maintaining their presence are best placed to stand out.”
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