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Financial advisors believe they can harness artificial intelligence to grow their business portfolio and improve their communications with clients – but many are concerned about their company’s adoption of the tool, according to a recent survey.

Eighty-three percent of financial advisors believe AI will eventually reach a level of sophistication and planning that will “leave them competing with an algorithm for clients over the next 18 months.” Accenture found in a survey of 500 financial advisors in the United States and Canada.

At the same time, however, nine out of 10 financial advisors believe AI can help them increase their business volume by more than 20%, according to the survey.

Specifically, 83% of respondents believe AI will have a measurable impact on the advisor-client relationship over the next 18 months, according to Accenture.

Either way, 55% of advisors believe that over the next three years, “AI will have a transformative or game-changing effect on the future of financial advice,” according to the report.

It’s no surprise, then, that 87% of advisors want to leverage more AI tools on a daily basis — and are willing to take their time to understand the tool as long as they see a benefit in it, Accenture found.

Wealth management firms also believe in the potential of AI: 92% of advisors say their companies have already taken steps to evolve their AI strategies, according to the survey.

At the same time, however, five in 10 advisors think their company is “challenged” to deliver on its AI vision, Accenture found.

Accenture recommends that companies set up multidisciplinary teams to coordinate the deployment of AI technologies while ensuring alignment between the pace of innovation of the company using AI and the rate of adoption.

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Sharon D. Cole