New Zealand advisers are in sync with their global counterparts in that two in three Kiwi advisers are currently using AI, or planning to do so in the next 12 months.
Local advisers, surveyed as part of the Financial Planning Standards Board’s just released research Impact of AI on Financial Planning, also broadly agree with global advisers who are optimistic about AI’s potential to help them. In New Zealand:
- 73% of advisers say AI could help them better serve clients (78% globally)
- 67% say it could enhance quality of advice (60% globally)
- 64% believe it could reduce the cost of advice (59% globally)
- 71% that it could increase access to advice (60% globally)
A statement from Financial Advice NZ says New Zealand Certified Financial Planners contributed to the global research in which the FSPB surveyed more than 6,200 professionals globally*.
Some of the early findings were highlighted by FPSB Global CEO Dante De Gori at the Financial Advice NZ conference in April ahead of the report’s release (see: High Use of AI by Financial Advisers).
Financial Advice NZ says that globally, AI is primarily being used by advisers for:
- Client communication (41%)
- Client data collection (33%)
- Client risk profiling (30%)
Although it notes several of the New Zealand advisers are also using AI technology for portfolio management and rebalancing.
The organisation adds that a third of those surveyed find it is improving operational efficiency in marketing and promotions (35%), client onboarding (34%) and productivity and workflow optimisation (33%).
…financial planners are also concerned with risks they perceive by using AI…
However financial planners are also concerned with risks they perceive by using AI, which include data privacy and cybersecurity, accuracy and reliability of outputs, data quality issues and lack of human touch.
“Many say that to further adapt their businesses in using AI they would like more education in data analysis and interpretation skills (49%) and best practice guidance (27%). Ethical use of AI in financial planning was another area advisers wanted more guidance on.”
Financial Advice NZ CEO Nick Hakes says the organisation’s affiliation with the FPSB connects New Zealand advisers with their global peers to build greater professionalism across the advice sector.
…The opportunity and implication of AI to the whole advice process is top of mind for advisers currently…
“Leveraging adviser-led research to understand global trends with local application is invaluable for New Zealand’s modern advice practices,” he says.
“The opportunity and implication of AI to the whole advice process is top of mind for advisers currently,” he says noting there were several sessions exploring AI at the recent National Adviser Conference.
De Gori says that the survey provides a valuable snapshot of how financial planners worldwide are leveraging AI to stay competitive, improve work efficiency and better serve clients.
He adds that now is a pivotal time in the financial planning profession as financial planners embrace AI to work smarter, allowing more time to engage in deeper human connection with clients such as navigating conversations that will impact financial decision-making and providing clarity and support to stay on track to achieve their life goals.
Click here to see the FPSB’s full global report and here for the infographic.
*The research was undertaken by FPSB and its global network of organisations. It was conducted via an online survey of 6,206 financial planners between November – December 2024. The respondents included CFP professionals and other financial planners from 24 territories, including Australia, Austria, Brazil, Canada, China, Chinese Taipei, France, Germany, Hong Kong, India, Indonesia, Ireland, Italy, Japan, Malaysia, the Netherlands, New Zealand, Republic of Korea, Singapore, South Africa, Switzerland, Thailand, United Kingdom and United States.