Financial advisers now see artificial intelligence (AI) as more of an opportunity than a threat, Schroders UK Financial Adviser Survey 2023 has found.

The report revealed that 70% of advisers now embrace the potential that comes with AI, compared to 57% in May 2023.

Schroders said this suggests that more advisers are recognising the possibilities that can be unlocked by harnessing its capabilities.

Additionally, 85% of advisers anticipate incorporating AI-based technology applications into their advice process in some capacity in the future.

The number of advisers who believe technology will cause greater disruption to the industry has increased from 30% in November 2022 to 46%.

However, Schroders also found that clients have become more bearish as 2023 has progressed, despite interest rate stabilising and inflation dropping. The highest concern from advised clients (59%) is the prospect of losing capital.

Schroders believes this bearish attitude is mainly driven by geopolitical concerns, as two thirds of advisers predict a higher level of disruption due to this factor.

The cost-of-living crisis continues to play an influential role on advisers, with 89% of them stating their clients have adjusted their portfolios as a direct result.

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