8 Acre Perspective, in partnership with technology firm totumai, surveyed 100 financial advisors to understand FA attitudes about incorporating AI into their practices. This groundbreaking research explored the extent to which advisors are challenged delivering personalization at scale and whether/how AI is viewed as a potential solution. Key learnings include:
- FAs overwhelmingly believe personalization is essential, but struggle to deliver it at scale (54% say it is challenging to spend as much time with each client as they would like).
- Two-thirds say they would like to spend more time on client facing activities, reducing time spent on administrative work.
- Six in 10 are currently using AI or planning to start soon.
- The primary way advisors are using/planning to use AI is for client communications.
- One perceived barrier to adopting AI is that 58% of FAs believe compliance won’t approve.
