When it comes to financial planning, most Americans trust financial advisors more than AI, according to
The report shares that Americans feel comfortable with financial advisors using AI for tasks including fraud detection, trend predictions and financial scenario modeling capabilities. With a financial advisor, people are even more comfortable with the use of AI in their financial planning.
"The potential for AI is exciting, and when it comes to building a comprehensive financial plan, Americans continue to trust an expert advisor," said Jeff Sippel, chief strategy officer at Northwestern Mutual, in a press release. "Financial planning isn't just about numbers on a spreadsheet – it's an emotional discussion around a person's life goals. These conversations are complex, delicate and deeply personal. Clients want to discuss their options with a trusted financial advisor who understands their needs and the trade-offs associated with these big financial decisions at a human level."
More than half of respondents trust human advisors in scenarios such as creating a retirement plan, building and managing investment portfolios, recommending financial products and making updates to personal customer information. In only one scenario, "managing a budget and keeping the individual on track", less than half respondents specifically trust humans more than an AI tool at 48 percent.
"It's encouraging to see consumer reactions around the usage of AI in the financial services industry, including their receptivity to advisors thoughtfully integrating this technology," said Sippel. "This complements our approach, which is to identify, carefully test and implement AI tools and platforms that increase the productivity of our advisors to better serve their clients. At Northwestern Mutual, we continue to evaluate and embrace AI where it most appropriately makes sense."
The survey was conducted by The Harris Poll on behalf of Northwestern Mutual among 4,626 U.S. adults, held between January 2 and January 19, 2025.
