Clients are expecting advisers to use AI

The largest adviser group in the world, MDRT, is holding its annual conference in Miami this week. It has released a survey that shows that 71% of US consumers who have an adviser say they think advisers should use AI for at least one professional purpose, compared with 53.4% of consumers who don’t have an adviser.

One of the key takeouts was that 54% of those surveyed who believe their adviser uses AI said that the quality of the advice is at least somewhat better.

• Clients think advisers should use AI for tasks like:
• 24/7 automated assistance chatbots
• General client communications
• Financial planning recommendations
• Marketing
• Verifying and authenticating documents

MDRT says advisers should be sharing the ways they are using AI with their clients and why they are doing it.

It also suggests advisers remind clients how their decision to use or not use AI ultimately benefits clients and allows the adviser to provide the best service possible.

MDRT spokesman Jack Miller encourages financial advisers to try AI tools out and test them for several months to see if they can help increase efficiency in their businesses.

“Using AI is a marathon not a sprint,” he says. “Do your research.”

He also adds the important warning that advisers should not be putting client data into AI tools.