Nearly half of financial planners worry about AI's data privacy, security risks: Report
Despite the benefits, financial planners expressed reservations regarding the use of artificial intelligence (AI), with 47 per cent citing data privacy and cybersecurity concerns, according to a report by FPSB India, the Indian subsidiary of the Financial Planning Standards Board.The report titled "How AI is Reshaping the Financial Planning Profession" further highlighted that about 42 per cent of financial companies' top executives are still concerned about the accuracy and reliability of AI outputs.
On the positive side, the report highlights that over three-quarters of financial planners (78 per cent) believe AI will help them better serve clients, while 60 per cent believe it will enhance the quality of financial advice.
Among the two-thirds of firms that currently use or plan to implement AI within the next year, adoption is most prevalent among small and very large companies.
Meanwhile, half of the financial planners view AI positively, with only 8 per cent holding a negative opinion.
"We are witnessing a pivotal moment in the financial planning profession as financial planners embrace AI to work smarter, allowing more time to engage in deeper human connection with clients such as navigating difficult conversations that impact financial decision-making and providing clarity and support to stay on track to achieve their life goals," added FPSB CEO Dante De Gori, CFP.
The report further added that about 59 per cent of financial planners see AI as a tool to help reduce the cost of financial planning services and 60 per cent believe it will increase access to financial planning for underserved populations.
The nonprofit standards-setting body for the global financial planning profession further observed that about 49 per cent of top executives of the financial planning firms expressed a need for professional development to improve their data analysis and interpretation skills.
Over a third (36 per cent) believe both the public and the financial planning profession will greatly benefit from general education and training on AI, the report added.
FPSB conducted the study by surveying over 6,200 financial planners across 24 territories worldwide, in collaboration with its global network of organizations.
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