Financial advice businesses in Australia are emerging as world leaders in the use of artificial intelligence, with 82% either using, piloting, or planning to use AI tools within the next year.
The figure puts the country ahead of the global average, where 64% of financial advisers across 24 countries reported current or intended use of AI in their practices.
The data, released by the FAAA, is based on findings from the Financial Planning Standards Board (FPSB) – a body promoting worldwide professional standards in financial planning.
The FPSB’s global research, conducted through an online survey of 6,206 financial planners from November to December 2024, investigated how AI is being integrated into financial planning and its perceived impact on the profession.
In Australia, the most common uses of AI are for client communication and engagement (29%), collecting client information (22%), and to a lesser extent, market analysis and investment support (6%).
…research shows that a number of practices see AI as a useful tool…
Half of Australian advisers surveyed believe AI will enhance the quality of financial advice, while 64% see it as a way to reduce the cost of delivering services.
FAAA CEO Sarah Abood said: “One of the clearest messages we hear from our members is that overly complex regulation, while well meaning, has driven many advisers out of the profession, making financial advice more expensive and harder to access.
“We need to cut unnecessary red tape and ensure that advisers can focus on delivering great outcomes for their clients. The research shows that a number of practices see AI as a useful tool in helping them achieve this.”
The report also found that:
- 62% of Australian advisers believe AI will increase access to financial planning for underserved populations
- 52% expressed concerns about data privacy and cybersecurity
- 32% were concerned about the accuracy and reliability of AI-generated outputs
- 39% of advice businesses currently have policies or guidance in place for AI use
While acknowledging the risks, Abood said the technology has the potential to reduce regulatory and administrative burdens.
“AI has risks, but it also offers real and immediate potential to help manage some of the complex regulatory and administrative burden advisers are faced with,” she said.
The FAAA has spotlighted AI in recent events and plans to continue this focus at its annual Congress in Perth from 18–20 November, with several dedicated sessions on AI and its implications for the industry.
Click here for more on the 2025 FAAA Congress.
