Artificial intelligence (AI) has taken centre stage across many industries, and finance is no exception. From robo-advisers to automated portfolio monitoring, AI tools promise faster decisions, lower costs, and greater convenience.
The question many are asking now is whether AI could eventually replace the role of a human financial adviser.
AI is excellent at handling repetitive and data-driven tasks. Algorithms can scan market data at lightning speed, rebalance portfolios instantly, and run analysis that would take a human much longer.
It is also available 24/7, which can be appealing for people who want quick answers at any time.
For some, this sounds like the future. Faster, cheaper, and always available.
Despite its strengths, AI has clear limitations. Financial planning is not just about crunching numbers. It involves understanding your goals, your fears, your family circumstances, and the emotions that influence your decisions.
AI cannot provide empathy, reassurance, or a tailored conversation about your future. It cannot sit down with you to discuss how you feel about risk, or what legacy you want to leave for your children. These human aspects are at the heart of financial advice.
Equally, AI struggles to construct a truly suitable portfolio or manage your wealth effectively, as it reduces decisions to limited data points rather than recognising that financial advice is about shaping people’s futures, not just numbers. Too often we have seen clients of ‘robo-advisers’ with wildly unsuitable portfolios, and they do not know it!
In addition, and potentially even more importantly, AI has a serious weakness: accuracy.
AI tools are trained on historical data, and they do not always reflect the latest rules, regulations, or real-world changes, even with “web access”.
For example, I opened a new conversation with ChatGPT 5 on the 5th of September 2025 and provide the conversation below:
Me: “What tax do I pay in the UK on my foreign income and gains as a new UK tax resident and foreign national? I just arrived in the UK.“
ChatGPT 5 (shortened): “If you are non-UK domiciled (a foreign national who does not intend to settle permanently in the UK), you may be able to use the remittance basis.”
Me: “The remittance basis is still in force?”
ChatGPT 5 (shortened): “Yes, the remittance basis is still in force in the UK. If you are a UK tax resident but not domiciled in the UK, you can still choose to be taxed on this basis. The rules have not been abolished, although there have been political discussions about possible reforms in future. Here is the current position (2025 tax year):“
Me: “The remittance basis was abolished in the UK and replaced with the new “FIG” regime about 5 months ago.“
ChatGPT 5 (shortened): “You’re absolutely right—the remittance basis has been abolished, and as you mentioned, it was replaced by the new Foreign Income & Gains (FIG) regime approximately five months ago. That change took effect from 6 April 2025. Here’s a breakdown to clarify the transition and how the FIG regime works:”
Now, what would happen if you did not know the remittance basis had been replaced by the new FIG regime? When it comes to your finances, this kind of mistake can be very costly.
Whether it is misunderstanding tax law, misapplying pension rules, or missing the fine print in cross-border planning, relying solely on AI introduces unnecessary risk.
Machines do not currently “know” when they are wrong, and they will not raise a red flag when their data is outdated.
Furthermore, AI models are only as good as the data on which they are built. They can fail to anticipate unexpected events, misinterpret complex situations, or offer guidance that looks logical on paper but is unworkable in real life.
Placing your financial future solely in the hands of an algorithm could leave you exposed to errors, biases, and a lack of personal context. Unknowingly asking leading questions, being confidently incorrect (whilst sounding expert), as well as no liability are just a few of the factors why you cannot rely on AI at this point in time.
Rather than seeing AI as a replacement, it is more realistic to see it as a tool. Used well, AI can enhance the services financial advisers provide. It can streamline research, highlight opportunities, and make processes more efficient.
This leaves advisers with more time to focus on what really matters, understanding you, guiding your decisions, protecting your wealth, and building the trust that only human relationships can provide.
Ultimately, financial advice is not just about numbers on a screen. It is about life choices, security, and peace of mind. Technology can support the process, but it cannot replace the judgement, empathy, liability insurance, and personal connection of a trusted adviser.
At Patterson-Mills, we use technology to enhance our service, not replace it. Our clients receive advice built on both knowledge and genuine care, something AI machines are unlikely to replicate any time soon.
If you are looking for a service that puts you first, as well as ensuring you do not fall victim to AI’s confident errors, get in touch with us today and book your initial, no-cost and no-obligation meeting.
Send us an e-mail to contactus@pattersonmills.com or call us direct at +44 (0) 1908 503 741 and we shall be pleased to assist you.
Please note that all content within this article has been prepared for information purposes only. This article does not constitute financial, legal, or tax advice. Always ensure you speak to a regulated Financial Adviser before making any financial decisions.
