- Key insight: Here's why asking AI financial questions is driving clients back to human advisors.
- Expert quote: "Taken together, we're seeing AI as a starting point, but not a replacement for tailored human guidance." — Sean Madgett, VP and head of planning and practice solutions at New York Life.
- Supporting data: 27% of surveyed Americans feel AI increases their need for an advisor.
AI is driving the desire for human financial professionals, according to New York Life's latest Wealth Watch survey.
Among the 2,278 American adults surveyed, 27% have asked an AI tool a financial question within the past year, and only
Less than half of Americans, 45%, trust AI tools at least "somewhat," though only 24% say they would feel comfortable using AI for financial guidance. The most common inquiry for financial guidance is about budgeting or saving, asked by 42% of users, followed by investment basics by 39%, general financial education by 31%, retirement planning by 12% and developing a financial strategy by just 10% of AI users.
"Our research shows Americans are
Even though 82% of users describe the financial advice they received from AI as at least "good," only 43% of users said the guidance they received was only sometimes tailored to their situation and 22% said the advice is mostly generic.
According to New York Life's survey responses, 27% of Americans feel that having access to AI tools increase their need for a human financial advisor — this feeling increases among Gen Z adults, with 40% feeling this need to keep a person in the process. Three in four respondents say that it is important for a human to be involved in their most important financial decisions.
"Americans don't want to choose between technology and a human relationship. They want both, and when their financial professional uses AI well, it can deepen the trust they already have," Madgett said.
Most respondents, 76%, say they would be comfortable if the financial professional they were working with was using AI to help manage or inform their financial strategy — respondents were most comfortable with AI handling support tasks like scheduling or reminders, followed by allowing an AI tool to manage meeting preparation or document organization.
"At New York Life, we believe that bringing protection and growth together with human guidance at the center drives better financial decisions and outcomes," Madgett said. "Our data suggests Americans who have a trusted professional, a financial strategy and the right combination of solutions report meaningfully stronger confidence and preparedness."
Other companies are seeing similar behavior from customers.
Introductory bullet points created by AI with editorial review.
