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Consumers’ Trust in AI Comparable to Advisors in Certain Situations, Finds FINRA Study

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Consumers Trust Human Financial Professionals Over AI in Certain Situations: Survey

In a world where technology is advancing at a rapid pace, it’s no surprise that AI is making its way into the financial industry. However, a recent survey by the FINRA Investor Education Foundation has shed light on an interesting trend – despite the capabilities of AI technology, consumers still trust human financial professionals more in certain financial situations.

The survey, which polled over 1,000 adults in February 2024, found that only 5% of respondents would seek AI to help make a financial decision, compared to 63% who said they would seek a financial professional and 56% who’d turn to friends and family. This shows that there is still a strong preference for human interaction when it comes to financial advice.

However, when it came to statements on wealth management and stock performance specifically, respondents said they trusted AI nearly as equally as the human financial advisor. This indicates that there is potential for AI to play a significant role in certain aspects of financial planning.

Diving deeper into the findings, the survey showed that consumers trusted AI more in different financial situations, particularly when it came to investments and managing portfolios. This suggests that there is a level of trust in AI’s ability to provide accurate and reliable information in these areas.

But despite the potential of AI technology, there are still challenges that need to be addressed. AI is still in its infancy and has been known to give inaccurate responses. This has made it challenging for advisors to fully trust AI and place it on the consumer-facing side.

However, there is an opportunity for advisors to leverage AI technology to enhance their services and build trust with clients. By combining the speed and analytical ability of AI with the comprehensive knowledge of a financial professional, advisors can provide more tailored and insightful advice to clients.

Ultimately, while AI may have its limitations, it can be a valuable tool for advisors to streamline their workflow functions and manage assets more efficiently. By embracing AI technology and using it to enhance their services, advisors can build stronger relationships with clients and provide better quality financial advice.

In conclusion, the relationship between AI technology and human financial professionals is complex. While there is still a strong preference for human interaction in certain financial situations, there is also potential for AI to play a significant role in enhancing the services provided by advisors. By finding the right balance between AI technology and human expertise, advisors can create a more efficient and trustworthy financial planning experience for their clients.

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