Financial planners are adopting AI to improve efficiency, while clients are bringing AI-generated information into financial conversations, new research from the Financial Planning Standards Board has found.
The research, conducted by FPSB and its global network of organisations, surveyed more than 8,000 financial planners across 37 territories on the impact of AI on financial planning.
It showed that AI adoption has passed the tipping point, with eight in 10 financial planners reporting their firm is using AI or plans to do so within the next 12 months, up from six in 10 in 2025.
Nine in 10 (93%) financial planners said AI has improved their overall work efficiency, leading to increased operational efficiency (52%) and the ability to serve more clients (49%).
The research also found that 83% of financial planners say AI will help them better serve clients and 75% say it will improve the quality of advice, up from 60% last year. Only 7% of financial planners believe AI will have a negative impact.
The most common use of AI to serve clients is through client communication and engagement (51%), followed by market analysis and research (42%) and client data collection (36%).
At the same time, clients are increasingly using AI for general financial education (33%) and to validate or compare professional advice (25%). A similar proportion (26%) also use AI to explore personalised financial scenarios or projections.
However, the research found that the most common effect of AI on the client – financial planner relationship is an increased need for the planner to contextualise or correct information that clients generated by AI (21%).
The research has been released to mark the 10th anniversary of World Financial Planning Day, which aims to raise awareness of the talents, skills and benefits of working with a certified financial planner.
The CISI, which is part of the FPSB network, said the findings emphasise the even more critical role of the certified financial planner.
Chris Morris, head of financial planning, policy & engagement at CISI, said: “Working with the FPSB and its global network of organisations to mark the 10th anniversary of WFPD is important as part of CISI’s mission to raise awareness around financial education and highlight the value of financial planning in helping individuals and families achieve their life goals.
“This new research from the FPSB on the impact of AI on financial planning encourages people to speak with their financial planner about any AI-generated financial information they are using to inform financial decisions. A CFP professional can help assess whether the information is accurate, relevant and appropriate for the client’s personal goals and life circumstances and explain how AI is used in their practice.”
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