Doubts About AI Persist Among Advisers, May Contribute to Slow Adoption

An increasing number of financial advisers are using generative artificial intelligence tools in their work, but individual firms may be falling behind in adoption, according to two recently published surveys, one by Morningstar Research Services LLC and one from Broadridge Financial Solutions Inc. and the Financial Services Institute.

Nearly half of Morningstar’s respondents (46%) were uncertain whether AI tools would do more to help their businesses or cause harm. Of the 21% who viewed AI as a threat, the most common reason given was that clients might view AI as a replacement for professional advice (38%).

Among those surveyed by Broadridge and FSI, 68% did not think their firm’s current technology was optimized to support growth, and 82% said they needed better training and greater awareness of available technology.

Broadridge and FSI also found divides regarding AI use, with advisers at firms managing more than $50 million in assets more likely to use AI (55%) than those at smaller firms (43%). Not surprisingly, advisers younger than 45 years old (67%) were also much more likely to use AI than colleagues older than 65 (43%).

Nevertheless, a majority in both surveys—51% of Broadridge and FSI respondents and 67% of Morningstar respondents—said they used generative AI in at least one aspect of their business. Broadridge and FSI found that advisers reported using AI most often for client engagement (29%) and marketing (21%), and Morningstar respondents reported most frequently used AI for internal productivity, including creating meeting summaries and writing email drafts (26%) and brainstorming (25%).

More than three-quarters (76%) of the Broadridge and FSI respondents agreed that improved technology could “greatly improve” their capacity to acquire new clients. Most advisers who spoke with Morningstar (63%) opined that AI’s biggest impact could come from making communication with clients, such as notes and emails, more efficient.

Technology experts frequently make the case that advisers should view generative AI as a collaborator and should use such tools to free up time to focus on interpersonal work with clients.

“Innovative digital tools create a powerful opportunity to enhance client services, strengthen adviser-client relationships and support sustainable growth, while helping independent advisers and firms build lasting relationships with the next generation of investors,” said Dale Brown, FSI’s president and CEO, in a statement.

The Broadridge-FSI survey, conducted by 8 Acre Perspective Corp., reached 428 financial advisers and advisory firm employees between August 4 and August 28, 2025. Morningstar gathered responses from 527 advisers between July 22 and August 18, 2025.