Whatever other challenges vex wealth advisors, it seems that AI does not not figure high on their worry list; most intend to use this technology to boost business growth, or are already doing so.

A survey of more than 200 advisors by LPL Financial finds that over three quarters (78 per cent) of them use or intend to employ AI tools to boost business capacity, adding to a run of stories about wealth managers’ AI involvement.  

LPL Financial garnered the data at its Focus 2025 conference – an annual event – in San Diego from August 10 to 12.

More than half of LPL advisors surveyed (54 per cent) intend to grow their businesses by upgrading technology systems, including AI and automation tools. When asked what they see as the biggest challenge to their business over the next 12 months, only 12 per cent identified disruptive technology, like AI, compared with challenges such as economic/market volatility (23 per cent) and sustaining growth with their client base (23 per cent).

As discussed in this editorial here, AI usage appears to be rising, although there is variation between different types of bank and wealth management institution. Cerulli Associates, for example, recently said advisors and home-office executives at banks have increased their use of AI for assisting with data reviewing and using it directly in portfolio construction and asset allocation. 

Investment
In its survey, LPL Financial said that in 2024, it invested $470 million into technology development and innovation. 

Some 66 per cent of advisors adopted new technology or platforms to create capacity in their businesses, LPL said. 

Advisors are looking to add wealth management services to grow their businesses, with one-in-five (18 per cent) expecting to expand their offerings of alternative investments and more than a third (37 per cent) hoping to provide additional planning or concierge services such as financial coaching or estate planning. LPL advisors intending to expand up-market to serve high net worth clients are prioritizing adding more wealth planning services to their offering (34 per cent) and cultivating center-of-influence relationships with CPAs and attorneys (24 per cent).

Advisors surveyed also reported a wide range of interests from their client base, with clients asking them the most about: market volatility, including tariffs, inflation and geopolitical instability (62 per cent); goals-based financial planning, including retirement readiness (50 per cent); tax optimization (49 per cent); estate and wealth transfer planning (43 per cent); and managing rising costs such as housing or healthcare (28 per cent).