The goal was two-fold: gain insight on users’ trust level with AI and provide insight to industry leaders on how to proceed with AI in personal finance.

We conducted preliminary qualitative research that was designed to analyze people’s perspectives on introducing AI as a personal financial advisor. We utilized semi-structured interviews and coded analysis to develop a well-rounded and insightful overview of the potential client reception of future AI integration.

Overall, people’s perceptions when looking at AI integration within personal financial planning were related to the intangibles and immeasurables. Because financial planning is personal and not a “one-size-fits-all,” relational trust became a key component and would be an important aspect to address when increasing AI integration in personal financial planning.

While AI is cheaper, faster, non-biased, and accessible, a human financial advisor is personal, offering trust and safety, and a value-based approach.

Ultimately, people perceive the integration of AI inevitable, but that it will take time. When the time comes, the majority are looking for a hybrid approach.