The latest sector research has shown the majority of advisers are not using artificial intelligence (AI) to service their SMSF clients for a multitude of reasons and that practitioners are wanting education to show them how to effectively employ this technology tool.
The Investment Trends analysis revealed 30 per cent of SMSF advisers had no intention of using AI to service clients from this sector, while another 28 per cent said they were not using it yet but are interested in implementing it in the future.
It was also found 14 per cent of practitioners are already using AI extensively and 28 per cent are employing the technology in a limited way or at a beginner level.
When asked why AI tools were yet to be used in servicing SMSF clients, survey respondents cited several reasons.
“The barriers to adopting AI tools in their practice include the belief AI tools are too difficult to use. Some advisers also indicated their licensees were restricting them from using AI tools to service their SMSF clients, while others said there is too much unknown about them and there are associated compliance issues,” Investment Trends senior analyst Yigit Gunhan told selfmanagedsuper.
With regard to practitioners intending to use AI in their business, the study indicated education about this technology was wanted, Gunhan acknowledged.
“There’s a clear need for education here. Respondents are seeking practical tips on how to start using AI for SMSFs, how AI can be utilised to improve efficiency and videos showing best practice examples of using AI for that purpose,” he explained.
Further, the research determined exactly which AI tools advisers are using or have used so far in servicing SMSF clients.
To this end, Microsoft CoPilot, Chat GPT, Otter and Gemini were all named as specific tools that were currently being used.
Taking advantage of this software to write client cover letters and financial plans were named as the most common uses among participants.
The insights were collated from the responses of 99 advisers to a survey conducted between February and March.
