As ChatGPT turns three, is AI coming of age in financial advice?

Nick Eatock, CEO, intelliflo

Released by OpenAI on the last day of November 2022, ChatGPT made headlines when it hit 100 million active users just two months later, making it the fastest-growing consumer application in history, according to UBS. Although AI has been around for decades, ChatGPT captured the public’s imagination with its ability to process everyday language rather than code. In fact, the term AI became so pervasive in the following months that Collins English Dictionary chose it as its word of the year for 2023.

Three years on, although many other generative AI models have entered the market, ChatGPT is still probably the best-known AI program in the world. It now boasts around 800 million active weekly users and processes six billion tokens (small units of text) every minute. As Google did with search in the late 1990s, ChatGPT has now become synonymous with using AI to find detailed answers.

AI goes mainstream

Chatbots like ChatGPT have become the acceptable face of artificial intelligence, helping many people become comfortable with using AI in their daily lives. That comfort is now shifting from personal to professional, with a wave of AI tools that aim to transform the way we work, including within financial advice.

Most advisers welcome AI’s help with day-to-day activities. Our 2025 advice efficiency survey found that 43% of firms are actively using AI within their advice journey, predominantly for personalisation (53%), data analysis (28%) and compliance (15%). However, almost two-thirds (64%) would like to use it more, particularly for report writing (38%), meeting transcription (21%), fact finding (17%) and system integration (16%). With the time saved, staff can devote more attention to building deeper relationships with clients – something AI will find hard to replicate.

In this context, AI is a collaborator, not a competitor. It’s unlikely to ever replace the human connections clients value when seeking reassurance about their financial future. A study from Unbiased revealed that a third (34%) of consumers are open to a human adviser using AI tools, but seven in ten prefer to receive financial advice from a person. The message is clear: AI in financial advice should boost human expertise, not replace it.

Research published late last year by the Bank of England and the FCA highlights growing confidence in the potential of AI across financial services. Respondents see significant value in using AI to generate deeper data insights, strengthen anti-money laundering controls, combat fraud and boost cybersecurity. Over the next three years, the biggest gains are expected to come from improvements to operational efficiency, productivity and cost management.

However, as with any new technology, firms recognise that AI brings new challenges. While the opportunities are clear, many remain cautious about the risks that come with embedding AI into core processes. The research found that data privacy and protection, data quality, data security and data bias are the primary areas of concern, all critical factors in maintaining client trust and regulatory compliance as adoption increases.

Selecting the right AI tools

Given the highly regulated nature of financial advice and the sensitive personal information they hold, how can firms reap the benefits of AI while avoiding possible pitfalls? Selecting AI tools built for financial advice is crucial. It’s vital to conduct thorough due diligence to understand how the tools you’re considering will integrate into your existing technology stack. Otherwise, you risk making more work for your team through switching between stand-alone solutions and rekeying data.

We’re trying to make the selection of AI tools simpler for advisers by adding a growing number of third-party solutions to the intelliflo store that are specifically built for the advice sector. We’ve also created an intelligent engagement assistant, intelliflo IQ, to help schedule meetings, capture client data, record conversations and generate accurate and compliant records, with the ambition to cut the cost to serve by up to 85%.

If implemented wisely, AI can make advice delivery faster, smoother and more precise. It’s not about replacing human expertise but amplifying it and helping teams focus on the activities that matter most. Whichever tools you decide to bring into your firm, one thing is clear: when used effectively, AI can be an extraordinary enabler, allowing advisers to spend less time on routine tasks and more time on the human touch that clients value. Technology may streamline the process, but advice will always be human first, built on the trust, empathy and understanding that only people can provide.

This article was first published in Money Marketing on 8 December. Please find a link to the original piece here.