Most HNW Aussies already using AI for investment guidance

InvestorDaily

Praemium research has found eight in 10 high-net-worth (HNW) investors are already using AI for financial tasks, but most still want a human adviser in the loop. The findings, conducted with research consultancy CoreData, are based on an online survey of 139 advised HNW Australian investors between 29 May and 22 June this year. Respondents said they use AI for a range of financial tasks: 50 per cent for general financial education, 46 per cent to compare investment strategies, and 35 per cent to sense-check advice from their own adviser. 

However, rather than eroding demand for financial advice, the study found wealthy investors actually prefer a hybrid approach that combines AI with human guidance. Asked whether they would manage their portfolio themselves if given access to the exact same tools their adviser uses, just 29 per cent said yes, with roughly seven in ten still preferring to keep their adviser’s guidance. Moreover, 86 per cent of respondents said their relationship with a financial adviser will remain important even in an increasingly AI-centric future, viewing technology as a support rather than a replacement.

The rest of this article can be found at investordaily.com.au.