Financial advisers in Australia have a favourable view of artificial intelligence and how the technology can be an asset, a global survey has found.

About 82% of advice businesses here are using or piloting AI or planning to use it to serve clients in the next year, according to the Financial Planning Standards Board study.

Half of all Australian advisers believe AI will enhance the quality of financial advice and 64% think it will reduce the cost of helping clients.

The research also found 62% of Australian advisers believe AI will increase access to financial planning for underserved populations; 52% are concerned about data privacy and cybersecurity; and 32% are concerned about AI accuracy and reliability.

Financial Advice Association Australia says advisers see AI as a way to reduce costs and broaden access to underserviced communities.

“One of the clearest messages we hear from our members is that overly complex regulation, while well-meaning, has driven many advisers out of the profession, making financial advice more expensive and harder to access,” CEO Sarah Abood said.

“We need to cut unnecessary red tape and ensure that advisers can focus on delivering great outcomes for their clients.

“The research shows that a number of practices see AI as a useful tool in helping them achieve this.” 

She says while AI has risks, the technology “also offers real and immediate potential to help manage some of the complex regulatory and administrative burden advisers are faced with”.

The survey covered 24 markets including New Zealand.

In New Zealand, 73% of advisers say AI could help them better serve clients; 67% feel it could enhance quality of advice; and 64% believe it could reduce the cost of advice.

See the survey results here.