Survey Reveals Consumers Still Trust Human Financial Professionals Over AI, Especially in Certain Situations

In a world where artificial intelligence (AI) technology is rapidly advancing, it’s interesting to see that consumers still overwhelmingly trust human financial professionals over AI when it comes to making important financial decisions. A recent survey conducted by the FINRA Investor Education Foundation shed light on this phenomenon, revealing that only 5% of respondents would seek AI for financial advice, while 63% would turn to a financial professional and 56% would consult friends and family.

The survey also found that while consumers trust human financial advisors more overall, there are certain situations where they trust AI almost as much as they trust a human advisor. Specifically, when it comes to wealth management and stock performance, respondents indicated that they trust AI nearly as equally as they trust a human financial advisor.

One interesting aspect of the survey was an experiment where consumers were presented with hypothetical financial statements, some attributed to AI and others to a human financial professional. The results showed that for certain types of financial information, such as stock and bond performance, consumers trusted AI almost as much as they trusted a human advisor.

Despite these findings, there is still a general lack of trust in AI when it comes to making financial decisions. Many consumers are hesitant to rely solely on AI due to concerns about accuracy and the inability of AI models to consider all aspects of their financial plan. This presents an opportunity for financial advisors to bridge the gap by using AI as a tool to enhance their services rather than replace the human element.

As Gabe Rissman, president and co-founder of YourStake, points out, combining the speed and analytical ability of AI with the comprehensive knowledge of a financial professional can lead to better, more tailored advice for clients. By leveraging AI technology to streamline workflow functions and manage assets, advisors can deliver insightful and timely advice to clients while maintaining a personal touch.

While AI technology is still evolving and has its limitations, it has the potential to revolutionize the financial industry by providing faster and more informed decision-making capabilities. As Nathan Wallace, a wealth manager at Savvy Advisors, notes, AI should be seen as a tool that enhances the abilities of financial advisors rather than a threat to their profession.

In conclusion, while consumers may trust AI for certain aspects of financial information, they still value the human touch and personalized approach that only a human financial professional can provide. By embracing AI technology as a complement to their services, financial advisors can build trust with clients and offer more comprehensive and tailored advice that meets their unique needs and goals.