The majority of independent financial advisers say they have no plans to add artificial intelligence (AI) to their client services in the next year, despite seeing the technology as an opportunity.

One in seven – 14% - is already using AI and nearly a quarter - 23% - said they plan to, but two-thirds – 64% - said they have no plans.

According to a new survey from research and insights agency Opinium, advisers are more likely to see AI as an opportunity (56%) rather than a risk (27%).

The findings showed that while many IFAs are cautious, some are open to embracing AI-driven technologies to improve efficiency and client outcomes.

As AI continues to evolve, some firms are recognising its potential to transform the sector, making it a critical area of focus in the year ahead.

Advisers are divided about the benefits of AI, according to the study. Nearly three-fifths - 57% - don’t feel it will have a positive nor negative impact on their firm, and 45% think the same about its potential impact on the industry. 

Alexa Nightingale, global head of financial services research at Opinium said: “IFAs are adopting AI within their practices slowly, although the majority of the industry still has no intention to utilise AI tools.”

She said AI has the potential to support with admin and reporting tasks, streamline processes and more, giving advisers more time to deliver more personalised advice to clients.

Ms Nightingale said: “Embracing these technologies can help firms stay ahead of the curve, and help advisers deliver a better service to existing and new clients.”

In November, Bank of England research found that three-quarters – 75% - of financial services firms such as banks, insurers and fund managers are already using AI. The bank said a further 10% were planning to use it over the next three years.

The Bank said the highest perceived current benefits of AI are in data and analytical insights, anti-money laundering and combating fraud, and cybersecurity.

Of the top five perceived current risks, the Bank said four are related to data: data privacy and protection, data quality, data security, and data bias and representativeness.

• Opinium Research carried out an online survey of 200 Financial Advisers, between 20 December 2024 – 7 January 2025.