More advisers are using AI as the technology goes mainstream, thanks to the likes of offerings such as ChatGPT.
Results of an industry survey carried out by Adviser Ratings show a clear growth in a reliance on the technology for portfolio construction, client engagement, and marketing.
The firm’s the latest Advice Landscape – Life Insurance study (due out in July) is based on the returns of 1,200 advisers and 500 practice heads.
Survey results indicate that 60% of respondents are using AI in their practices, up from 25% last year. Meanwhile, 15% say they are planning to use AI.
In 2024, 38% of those surveyed said they had no plans to use the technology, but today that figure has dropped to 13%.
Leading the pack as the most popular AI option is ChatGPT, used by almost half of those who lean on the technology.
The findings of Adviser Ratings support a Riskinfo survey carried out in January when we asked readers if they were planning to increase the use of AI in their advice practices this year. More than half indicated they would.
See: Positive Signs for Future of Risk Advice – Survey and AI and Bots Intended to Lighten Load for Advisers
