New survey data shows Kiwi advisers are embracing AI, but still want clearer guidance on risks and ethics
New Zealand’s advisers are broadly in step with global peers when it comes to the adoption of artificial intelligence (AI), with two-thirds already using the technology or planning to do so within the next 12 months. That’s one of the key findings from new research by the Financial Planning Standards Board (FPSB), which surveyed over 6,200 Certified Financial Planners (CFPs) across 24 countries, including New Zealand.
The research highlights growing confidence in AI’s ability to improve advice delivery, with 73% of New Zealand respondents saying it could help them serve clients better, 67% believing it could enhance advice quality, and 71% saying it could expand access to financial advice. These figures mirror global sentiment and mark a clear shift in how advisers are viewing the role of AI in their day-to-day work.
Financial Advice New Zealand (FANZ) chief executive Nick Hakes said FANZ is “optimistic” about the future of AI in the advice sector.
“It’s here today, it’s not something that’s happening at some point in the future,” Hakes told NZ Adviser.
“Like all technology, it moves quicker than things like regulation and data privacy risks. However, from an advice perspective, this is an enabler. We’re looking at what the best AI-enabled tools are to deliver improved client outcomes and efficiency.
“There are so many touchpoints and opportunities for AI across the advice process, and that’s what the research brings to life.”
Common uses of AI in advice
AI is already playing a visible role in several parts of the advice process. Globally, the most common uses are client communication (41%), data collection (33%), and client risk profiling (30%). In New Zealand, some advisers are also using AI for portfolio management and rebalancing.
One third of planners worldwide reported efficiency gains in marketing and promotions (35%), onboarding (34%), and workflow optimisation (33%). Mortgage advisers may recognise the parallels, particularly around initial client queries and data-gathering - areas where AI tools such as chatbots are already making a difference.
With 71% of New Zealand advisers believing AI can increase access to advice, these technologies are also helping to reach clients who may previously have been deterred by cost, complexity or availability.
“Tools like chatbots and avatars can allow an advice practice to have a 24/7 touchpoint,” Hakes said.
“If people have timeliness in responses and have their initial queries answered quickly, that removes one of the barriers to accessing advice.”
Regulation and ethical use in the spotlight
According to the FPSB research, ethical use of AI is an area where advisers want more direction.
In parallel with optimism about efficiency and access, advisers identified major risks around data privacy, cybersecurity, unreliable outputs, and the potential loss of the human touch. These concerns are driving demand for a stronger regulatory and educational framework to support safe, ethical AI use.
Hakes said creating a measured and responsible regulatory approach is essential to ensure both innovation and trust.
“Our engagement and dialogue with regulators is critical, as is their engagement with the advice profession,” he said.
“We want the financial advice profession to be confident in adopting and implementing these tools to deliver good potential outcomes, but we also want to ensure that this is done in the right, proportionately risk-managed environment.”
Hakes noted that conversations around ethics and AI have been top of mind for advisers, as was evident at FANZ’s latest national adviser conference. There, two of the most attended sessions ran concurrently - one focused on ethics and psychology in advice relationships, and the other on applying AI in practice.
“There’s clearly a real demand and curiosity about the psychology behind things, and how to create strong and ethical relationships with clients,” Hakes said.
“There’s definitely a real appetite for these kinds of discussions, and we’ll continue to roll out learning programs that fit within our professional development framework for the modern adviser.”
Looking ahead, Financial Advice New Zealand sees ongoing value in drawing from both global insights and local experience. As AI adoption grows, the focus will be on learning, adapting, and ensuring that innovation aligns with real client needs.
“Being able to tap into thousands and thousands of advisers is great for us to see what the trends and best practices are,” Hakes said. “Our application is right across the spectrum of advice - we’re ultimately all looking to enhance the client experience and get more efficient.”
