Singaporeans may be increasingly turning to artificial intelligence (AI) to support their financial decisions, but most still prefer to work with financial advisers, particularly when making important long-term financial decisions, according to a survey by MDRT.
The survey found that while 89% of Singaporeans use digital platforms such as mobile banking apps, financial websites or AI-powered tools to manage their finances or seek financial information, confidence in AI remains limited when personalised advice is required.
Although more than one-third (35%) of respondents use AI for financial purposes, only 37% are comfortable relying on it for personalised financial advice, while just 31% would use AI to review long-term financial plans. Even among AI users, most view the technology as a tool to build knowledge and explore options rather than replace professional advice.
The findings also reinforce the enduring value of the adviser-client relationship. Around four in 10 Singaporeans who work with financial advisers still prefer meeting in person when discussing complex financial matters (42%), making major financial decisions (41%) or reviewing long-term financial plans (38%). During periods of market volatility or financial uncertainty, half (50%) prefer face-to-face meetings with their advisers, highlighting the importance of personal guidance and reassurance.
Among respondents who would not act on AI-generated financial advice, the leading concerns were the lack of human oversight or reassurance (45%), followed by fears of bias or errors (36%) and the risk of generic or automated responses (36%).
"AI can provide answers based on a snapshot of information, but financial planning goes beyond that. It's about knowing the questions to ask, understanding each individual's unique circumstances, and helping clients adapt their financial plans as their lives and goals evolve," said Ms Laura Hoi, a 22-year MDRT member with six Court of the Table qualifications.
She added that AI is likely to complement, rather than replace, trusted financial advisers by combining technological efficiency with human judgment, empathy and long-term guidance.