AI adoption creates gap in consulting and financial advisory sectors

A growing gap is emerging between consumer use of artificial intelligence and professional adoption within the consulting and financial advisory sectors.

A McKinsey & Company study in Hong Kong reveals that while 50% of customers use AI tools to inform financial decisions—treating them as a ‘second opinion’ for product comparison and identifying needs—half of financial advisors use AI less than once a week. While 80% of customers still rely on human advisors for complex life and wealth management products to ensure accountability and situational understanding, the lack of integrated AI tools for advisors is creating a ‘consulting gap.’ Adoption rates vary by client type, with advisors serving high-net-worth individuals using AI at a rate of 69%, compared to only 34% for those serving the mass market.

In the United Kingdom, business spending patterns reflect a similar shift. Data from Capital on Tap indicates that median spending on consulting fees fell by 1.9% year-on-year in August, even as overall corporate spending rose. This decline coincides with a surge in AI adoption; one in seven British firms is now spending on AI companies, up from one in thirteen last year. As businesses prioritize productivity-enhancing tools, professional services spending has dropped by approximately one-tenth as a share of total expenditure.