HSBC Says AI Won't Replace Financial Advisors

Racquel Oden, HSBC's U.S. head of wealth, said advice from humans will remain in demand as AI adoption grows across the industry.

Updated on Nov. 5, 2026 in Financial Planning

Sunlit modern office corner with a round wooden table and two empty cream armchairs, overlooking a dense skyline of glass and stone towers. — Racquel Oden, HSBC's U.S. head of wealth, told the Women Advisor Summit in New York that AI will not replace financial advisors, as 80% of advisors now use it. AI Illustration. Upload story photo >

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Racquel Oden, U.S. head of wealth at HSBC, stated at the Women Advisor Summit in New York City that AI will not replace financial advisors. Morningstar research found 80% of advisors now use AI in some form, up from 67% last year.

Why it matters

Oden argued that client demand for human advice will outweigh AI's impact, and that AI will make advisors more productive by freeing time for one-on-one work. The statements come as an estimated 53 million Americans seek financial advice.

Morningstar reports 80% of advisors use AI in some form, up from 67% a year earlier, and 48% say it significantly or moderately improved efficiency, up from 36%. Whether those efficiency gains will shift advisor fees or client outcomes has not been addressed.

The players

Racquel Oden

Racquel Oden is the U.S. head of wealth at HSBC, a role overseeing the bank's wealth management business in the United States.

Morningstar

Morningstar is an investment research firm that publishes annual surveys tracking how financial advisors adopt technology and tools.

Schwab Advisor Services

Schwab Advisor Services is the custody and technology division of Charles Schwab that supports registered investment advisor firms.

The details

Oden made the remarks during the opening keynote of the Women Advisor Summit, which featured more than 20 speakers across more than 10 content sessions and was headlined by Prudential Wealth Advisors. She highlighted the shortage of advisors relative to the roughly 53 million Americans seeking financial guidance, and said AI will take generations to develop the emotional intelligence that clients value.

Late 2025: Schwab conducted its study on AI adoption among independent RIA firms.
January 2026: Schwab released findings showing 63% of independent RIA firms use AI.
November 5, 2026: Oden delivered the keynote at the Women Advisor Summit in New York City.
2030: Projected year in which about 75 million Americans will be working with financial advisors.

Market Dynamics

Morningstar's annual advisor surveys show AI use rising from 67% to 80% in a single year, extending a multi-year climb in technology adoption across the advisory profession. The same survey series now tracks efficiency gains that climbed from 36% to 48%, suggesting adoption is moving from experimentation toward routine workflow.

If you work with a financial advisor, AI tools may change how quickly your advisor responds, prepares plans, and schedules reviews, though the extraction does not specify fee changes. The industry's adoption figures suggest advice you receive over the next few years could increasingly involve AI-assisted analysis.

The takeaway

Advisor AI adoption is climbing quickly, and the people most likely to benefit are clients who ask how their advisor uses these tools in their planning. Asking about data use and how time saved is applied can clarify what you are paying for.