According to a survey conducted by HSBC, investors continue to rely heavily on professional financial advisers for their final investment decisions, despite the increasing use of artificial intelligence in the initial stages of investment research [1]. The survey, which included approximately 10,000 affluent and high-net-worth individuals across 10 markets, found that 62% of respondents use financial professionals and institutions as their main source of investment ideas [1]. Furthermore, 37% of those surveyed indicated that human financial experts had the greatest influence on their final investment decisions, a figure three times higher than those who cited AI as the most influential [1].
HSBC highlighted that reassurance and strategic expertise are key reasons why investors prefer human advisors for final decisions. Human advisors are valued for their ability to apply judgement, validate information, spot mistakes in AI-generated data, and interpret complex data, according to the bank [1].
The survey also revealed generational differences in AI adoption. A significant 86% of Gen Z respondents and 82% of millennials reported using AI for their financial and investment decisions [1]. Gen Z primarily uses AI to identify potential risks and avoid mistakes, while millennials use it mainly to speed up research and analysis [1]. Despite AI's limited role in final decisions, nearly half of all respondents said that AI has made them more confident and willing to take on calculated risks, with this effect being especially pronounced among Gen Z and millennials [1].
Regionally, the impact of AI on investor confidence was more notable in parts of Asia and the Middle East, such as India, the United Arab Emirates, Malaysia, and Hong Kong. In contrast, investors in the U.S., Singapore, Taiwan, and the U.K. were described as 'more measured in their approach' [1]. Barry O'Byrne, CEO of International Wealth & Premier Banking at HSBC, stated, 'Clients are increasingly using AI to explore their options, but when it comes to making investment decisions, they value judgement, context, and accountability from a trusted wealth adviser' [1].
CONCLUSION
The HSBC survey indicates that while AI tools are increasingly used for research and risk assessment, especially among younger investors, human advisors remain the preferred choice for final investment decisions. This trend underscores the enduring importance of human judgement and expertise in wealth management, even as technology adoption grows.