We ask HOWARD CLARK-BURTON, CEO of BMP Wealth, for his opinion on artificial intelligence and how AI in finance is changing the way people approach financial advice.
Artificial intelligence technology has advanced rapidly in recent years, and it’s become part of our everyday lives. Whether you’re using an app to find the quickest way to your destination, shopping online or streaming your favourite TV show, AI algorithms are hard at work predicting and catering to your needs.
According to a major study by Lloyds, personal finance has become the most common use of artificial intelligence in the UK, with more than 28 million relying on this technology to help them manage their money.
Meanwhile, a survey by HSBC revealed that 75 percent of Hong Kong’s affluent and high net worth (HNW) investors use AI in finance to make financial and investment decisions.
So do you still need a financial adviser in an age of artificial intelligence?
The research also found that:
- 53 percent said their ideal future decision-making approach is AI and advisers working together
- 80 percent value human financial advisers for reassurance and context
- 72 percent go to human financial advisers for strategic expertise.
This shows financial advisers still offer value in an AI age.
How clients are using AI in finance today
At BMP Wealth, we’ve seen a shift in the way people approach us and engage with our financial planners because of increasing AI usage.
Clients are increasingly asking tools such as ChatGPT and Gemini the same questions they would traditionally ask their adviser. As a result, they arrive at meetings better prepared, often with detailed and thoughtful questions.
AI tools are becoming more personalised over time, generating more tailored queries based on the information they receive from the client.
This is great news all round: better-informed clients lead to productive, focused conversations that support positive outcomes.
Good financial advisers welcome this sort of questioning and scrutiny because it allows us to provide the bespoke support and guidance our clients need at any particular time.
We’ve also noticed that clients are using AI as a “second opinion” after receiving advice from us.
After meeting with a client, our financial planners prepare a suitability report which sets out key objectives and recommendations in jargon-free, easy-to-understand language.
The purpose of this document is to ensure you fully understand the advice you are receiving and are able to make an informed decision about whether to proceed.
A growing number of clients are uploading their suitability reports into AI tools to sense-check the advice. This trend triggers a second wave of follow-up questions. In many cases, AI validates our recommendations, but it might also suggest alternative scenarios or perspectives. This gives us an opportunity to explain our approach – “Yes, we considered that option, but we decided it wasn’t the best way forward because…”.
We don’t see AI as a threat. Used well, it supports a move towards more transparent, collaborative advice.
Why you still need a financial adviser
If AI can generate a free financial plan or strategy in minutes, why would you pay to see a human financial adviser? Here are a few important reasons:
#1 AI’s responses are not always correct
Research findings published by FTAdviser show that when asked 100 finance questions across a range of topics, AI tools got it right just 56 percent of the time. Moreover, it gave 27 percent of misleading responses and 17 percent incorrect replies.
So, while AI might seem like an easy and affordable option for getting help managing your savings and investments, it’s crucial to assume a margin of error and verify the information you receive.
In other words, AI can provide a useful jumping-off point – for example, researching basic information, breaking down financial jargon and preparing a list of questions to ask your financial planner. However, relying on it as your sole source of financial advice could lead to costly mistakes.
Indeed, the HSBC survey revealed that 27 percent of the HNW investors surveyed in Hong Kong value advisers for flagging when AI-generated information may be wrong or misleading.
#2 Financial advisers offer wisdom, not just information
Our financial planners offer much more than AI currently can. We use our extensive experience, knowledge and empathy to provide a holistic service that considers all aspects of your life. This includes:
- Financial advice – Technical expertise on products and taxes;
- Financial planning – Long-term modelling, scenario planning and navigating life transitions;
- Financial coaching – Emotional support through uncertainty and change; 29 percent of those who responded to the HSBC survey valued advisers for the emotional validation they provide.
Financial planners who have years of experience working with clients in similar circumstances to you can share insight and wisdom that’s not available to AI.
#3 Advisers offer behavioural coaching and challenge
AI tends to provide answers and information rather than challenging thinking. It currently doesn’t have the same capacity as humans to push back or reframe decisions.
In contrast, your BMP financial adviser will help you review and reassess your assumptions from a fresh perspective, helping you avoid poor choices that could impact your long-term financial wellbeing.
For example, if the market dips or experiences a period of volatility, your instinct might be to sell your shares quickly. A human adviser can intervene and provide context to prevent you from making reactive decisions driven by emotions such as fear and panic, rather than data and strategy.
To find out more about the services offered by financial advisers at BMP Wealth, email [email protected] or call 2905 9041.
bmpwealth.com
This article first appeared in the Autumn 2026 issue of Expat Living magazine. You can buy the latest mag or an annual subscription, or read the digital version for free now.
