AI Adoption Doubles Since 2023
Artificial intelligence (AI) technology adoption among independent registered investment advisors (RIAs) continues to ramp up as professionals look to reduce administrative burden.
A study by Schwab Advisor Services found that AI adoption among this group has more than doubled since 2023, with 63% of independent RIAs now utilizing AI tools in some role. This group has mainly used the technology for administrative tasks like notetaking and email drafting, while only one in 10 have fully integrated AI into their business strategy, Schwab reports.
The study, which surveyed 533 RIAs, found that 82% of AI users utilize generative AI tools. Early adopters of the tools were likely to use AI for time savings, workflow improvements, and faster client meeting preparation, Schwab reports.
“AI is here, and adoption matters,” said Lisa Salvi, head of Business Consulting and Education at Schwab Advisor Services. “Firms that set a clear vision and invest in upskilling their talent and building strong data foundations will be better positioned to turn AI from a curiosity into a huge competitive advantage.”
Advisors expect AI momentum to continue growing, with 59% who believe it will have a “direct, measurable impact on client relationships” within the coming year. Another two-thirds (68%) predict the tool will be “transformative” to financial advice within three years.
Among the AI features advisors seek are intelligent agents, a tool that allows firms to personalize service and streamline workflows.
The firms getting the most value aren’t chasing features. They’re solving real problems—freeing up time for client conversations, personalizing the client experience at scale, and catching risks before they become issues. That’s where the industry is headed,” said Adam Moseley, director of AI Consulting at Schwab Advisor Services.
The findings mirror separate reports highlighting the usage of AI technology with other industries. A 2025 report from TIAA found that implementing AI approaches could increase productivity and reduce administrative burdens for healthcare professionals.
Amanda Umpierrez is the Managing Editor of 401(k) Specialist magazine. She is a financial services reporter with nearly a decade of experience and a passion for telling stories and reporting news. She is originally from Queens, New York, but now resides in Denver, Colorado.