3 in 10 adults use AI for financial advice, a CNBC survey found

Survey shows half of advisors don't trust AI tools for advice: CNBC FA 100

Most Americans have never used ChatGPT. Most people aren’t particularly interested in using generative artificial intelligence tools for financial advice, either, according to a new CNBC Your Money survey — at least not yet.

Slightly more than a third of US adults — 37% — are interested in using AI tools to help them manage their money, a CNBC survey found. The survey by SurveyMonkey also found that 11% are “very interested” and 4% already use AI tools for money management.

“What we’ve learned, however, is that most people who consult these resources are verifying what they hear with financial advisors,” said Kevin Keller, CEO of the CFP Board, a professional organization for certified financial planners.

More from FA 100:

Here’s more coverage of CNBC’s FA 100 Top Financial Advisory Firms list for 2023:

A recent CFP Board survey found that nearly half of adults — 51% — have little confidence in financial advice from AI tools like ChatGPT and Google Bard, and only 31% are comfortable implementing financial advice through a generative AI-powered tool. Without verifying with another source.

“When I’m not feeling well, I’ll look up (symptoms) online before I go to my doctor, and I think it’s kind of the same,” Keller said. “People feel comfortable verifying information.”

“We think the best advice is digitally enabled, but still delivered by a human.”

People can explore their options for managing and investing money online or on an app — but when it comes to making important decisions about their money, many people prefer to talk to a financial advisor.

“Financial planners help clients make better decisions about the most important things in their lives, such as retirement, buying a home, funding their children’s college (or) starting a business,” said certified financial planner James Lee, founder and president. Lee Investment Management in Saratoga Springs, New York.

“These conversations happen over a lifetime, are deeply personal, and can’t be answered by simply typing a question on Chat GPT,” said Lee, who is president of the Financial Planning Association, the largest trade association for financial planners.

The CFP Board survey also found that investors show more confidence in the advice of AI tools after checking with a financial planner.

“The only way I can explain this is until my computer gives my client a tissue through a computer screen,” Lee said, “and I’m not afraid of being replaced.”

Correction: Kevin Keller is the CEO of the CFP Board, a professional organization for certified financial planners. An earlier version of this story contained incorrect information.

Tune in to CNBC exchange Mason King off today at 1 p.m Luther King Capital ManagementWho took the top spot CNBC FA 100 List For the first time this year.

Leave a Comment