Daijiworld Media Network - New Delhi

New Delhi, May 11: While artificial intelligence is gaining momentum in the financial planning industry, a new report by FPSB India reveals a cautious embrace, with 47% of financial planners raising concerns about data privacy and cybersecurity, and 42% of top executives questioning AI’s accuracy and reliability.

The report, titled "How AI is Reshaping the Financial Planning Profession", provides a global perspective by surveying over 6,200 financial planners across 24 countries.

Key Highlights:

• Positive Outlook:
o 78% believe AI will help them better serve clients.
o 60% think AI will enhance the quality of advice.
o 59% say AI could reduce financial planning costs.
o 60% see AI expanding access for underserved populations.

• Adoption Trends:

o Two-thirds of firms already use or plan to adopt AI within a year.
o Usage is highest among small and very large firms.

• Challenges & Concerns:

o Data privacy and cybersecurity risks top the list.
o Accuracy of AI-generated insights remains a sticking point.
o 49% of executives say upskilling in data analysis is critical.
o 36% support broader AI education for both professionals and the public.

A Moment of Transformation

Dante De Gori, CEO of the Financial Planning Standards Board (FPSB), emphasized a human-centric approach:
“Financial planners are embracing AI to work smarter—freeing up time to have meaningful conversations with clients and guide them through complex life decisions.”

Despite the reservations, the overall sentiment reflects a profession at the intersection of innovation and responsibility, cautiously optimistic about AI’s potential—provided ethical, regulatory, and security frameworks keep pace.