A third of advisers think artificial intelligence (AI) will transform their industry but one in five think the technology will replace the work they do, research shows.

A CoreData study of 267 UK financial advisers found 32% think AI will revolutionize the advice sector. This increases to four in 10 (40%) advisers focused on high net worth (HNW) clients.

The study highlights a number of benefits that advisers think will come from AI technology. Nearly half (45%) say AI will help advisers serve clients more efficiently, while almost a third (31%) think it will reduce advice fees. A smaller proportion think the technology will reduce financial mis-selling (10%).