Seventy-two percent of investors in a new survey from Morgan Stanley Wealth Management believe that artificial intelligence is a turning point for themselves and for traders, and 74% expect it to help financial advisors better serve their clients.
Sixty-three percent of survey participants said they would be interested in working with an advisory firm that leverages AI. However, 82% also said AI will never replace human guidance, and 88% agreed that the human-to-human financial advisor relationship is extremely important.
Younger investors are especially enthusiastic about AI's potential, the survey found. Eighty-seven percent of respondents in the 35-to-44 age group viewed AI as revolutionary, 89% said it would help improve advisors' client service and 85% expressed interest in working with an advisor who leverages it.
However, younger investors' strong belief that AI will not replace the advisor-client relationship is on par with the overall sample.
Dynata fielded and administered the online survey in April among a sample of 924 U.S. investors.
Early Adoption Amid Dissent
AI is still gaining traction, and it is not without detractors. A majority of financial services executives in a separate study said AI has already changed the way they work, and they expect more change as AI's capabilities expand. One wealth management tech provider recently rolled out ChatGPT-embedded software to advisors on its platform.
