The adviser market is increasingly embracing AI for efficiency, operations and compliance, according to a recent survey of advisers conducted by Vanguard.
In a study of more than 200 UK advisers, more than half (57%) said they were using AI for purposes beyond admin tasks, including identifying vulnerable clients and better discussions with clients.
On top of this, many identified AI as potentially aiding their implementation of consumer duty, with roughly 25% of respondents saying they are still embedding it into their businesses.
Some 60% of respondents said assessment of value was their priority from consumer duty, followed by 26% and 14% pointing to consumer understanding and consumer vulnerability.
Gillian Hepburn, head of UK adviser solutions and sales at Vanguard, said: “Advisers told us they feel well equipped to help clients navigate market uncertainty and changing economic conditions.
See also: Over a quarter of advice clients using AI
“What concerned them far more was the growing complexity of running an advice business, with regulation, compliance and operational demands consistently identified as some of the biggest pressures facing firms.”
However, the report noted significant uncertainty remained among respondents over how quickly to adopt AI and how it might affect traditional advice models.
Advisers cited concerns including selecting the right solutions, ensuring the investments deliver meaningful benefits and the implications of AI being used to scrutinise advice, among others.
This story was written by our sister-title, Portfolio Adviser
