Advisors, not algorithms, still drive financial fulfillment, says Edward Jones’ David Chubak

Nearly one in five U.S. adults have turned to AI for financial guidance. Almost none of them trust the answer.

A new study by Gallup conducted in partnership with brokerage giant Edward Jones highlights the mixed feelings about the technology. Some 18% of U.S. adults have sought financial guidance from AI tools such as ChatGPT and Claude. In Canada that number rises to 21%. However, only 3% of adults in U.S. and 4% in Canada said they had “a great deal” of confidence in financial guidance derived from AI.

The research surveyed 5,075 adults in the U.S. and 2,117 in Canada.

David Chubak, head of wealth management at Edward Jones told InvestmentNews that he sees real positives in the gap between people’s willingness to use AI and their concern about its limitations for financial advice. “Some like to put the story as the advisor against the AI machine – actually, the research reaffirmed to me … the real criticality of human based advice, but also how people are changing and leveraging new tools as a way of answering questions,” he said.

Rather, Chubak pointed to the role that financial advisors play, coupled with the power of artificial intelligence, which he says can create more value for clients. “AI is a great tool - it can be put to work for clients … we put it to work for our advisors as well, to help solve problems and to help drive to better outcomes.” Specifically, Edward Jones has extended AI tools to its around 21,000 financial advisors to help with scheduling, note-taking, and sharing information. Typically, advisors are seeing a reduction of about four hours a week in administrative tasks thanks to AI, according to Chubak, with some seeing more than that.

Like the rest of the wealth management industry, Edward Jones has thrown its weight firmly behind AI, and recently teamed up with financial safety platform Carefull to help advisors protect their clients from the growing risk of financial fraud. Earlier this year the St. Louis-based company, through its venture capital arm, Edward Jones Ventures, announced a series of investments in AI-powered financial planning tools, including estate settlement platform Alix and equity compensation guidance and education platform Grantd.

AI is looming large over the entire financial industry. Research released this week by PwC found that financial firms are increasingly linking compensation to AI proficiency. In the financial advisory industry, the technology is already firmly cemented. The latest annual Advisor Wealthtech Survey from RIA technology giant Orion underscored just how central AI is becoming: more than half of respondents said AI and automation will have the biggest impact on firm success in 2026 and beyond.

Edward Jones’ research also addressed the issue of financial fulfillment, which it says is not simply about income or wealth, but rather the extent to which someone’s finances can support the type of life they want to live, and whether they feel secure, in control, and able to make financial decisions that align with their goals and values. The study found that financially fulfilled adults are more likely to call on professional guidance. Some 60% of financially fulfilled guidance-seekers in the U.S. have worked with a professional financial advisor, the study found, compared with 33% of “financially conflicted” adults and just 14% of “financially stressed” adults.

Chubak told InvestmentNews that he sees financial fulfillment as very separate from AI. “Financial fulfillment as an outcome is really delivered not by a tool, it's delivered by an experience,” he said, adding that this is the experience of getting good advice and the ability to act on recommendations and proactively revisit them. “That experience helps deliver that fulfillment,” he said.