Some 70 per cent of financial planning firms say artificial intelligence will not impact their headcount this year, according to data from the second edition of the Financial Planning Growth Index.
The findings come from the Saltus Partnership Programme and L.E.K. Consulting, which surveyed more than 200 senior leaders at UK financial planning firms.
The research found only 3 per cent of financial planning firms are planning to reduce staffing levels as a result of AI.
However, 13 per cent of firms said AI will reduce additional hiring.
Nick Heath, head of relationship management at the Saltus Partnership Programme, said: “It is significant that 70 per cent of firms say AI won’t affect their headcount — this technology is about empowering people, not replacing them.
“As AI continues to evolve, it’s unlocking opportunities for firms to tackle key challenges and drive efficiency, from administrative tasks, to planning support or reducing risk within investment portfolios.”
The research also found 55 per cent of financial planning firms see administrative efficiencies as the greatest potential benefit of AI.
A further 34 per cent of firms plan to upgrade their existing systems over the next one to three years, while 26 per cent plan to develop AI capabilities.
Bronswe Cheung, partner at L.E.K. Consulting, said: “As AI adoption accelerates, firms must adapt in order to remain competitive.
“The data shows that firms not only recognise the immense possibilities of AI, but are also clear on how they stand to benefit.
“The adoption of AI must be accompanied with a reinvention in the operating model to realise the true benefit.”
hereward.mills@ft.com
