Sifma-KPMG survey: Gen Z trust in AI-only advice falls to 10%

Trust in AI-only investment advice among Gen Z investors fell to 10% from 20% a year earlier, according to a Sifma and KPMG study released Oct. 19 and reported by Financial Advisor Magazine. The share of that cohort naming a financial advisor as their primary source of investment advice rose to 42% from 39%.

Across all investors surveyed, trust in financial advisors as the primary source of investment advice rose to 52%. KPMG conducted the 2026 Voice of Investor Satisfaction, Trust, and Advocacy study independently, sponsored by Sifma, and surveyed more than 2,100 U.S. individual investors.

Among investors receiving fully advisor-supported services, 88% said they were satisfied, compared with 87% of hybrid investors combining professional advice with self-directed investing. Overall, 83% said the investment industry was meeting their needs, and 82% expressed satisfaction with their firms' ethical standards and accountability.

"Trusted relationships have never mattered more, especially for Gen Z investors," Nadia Orawski, principal and advisory line of business lead for financial services at KPMG, said in a statement.

The survey's AI category covers AI-only advice, not the software running in the background at most advisory firms, so the Gen Z result reflects a preference for a human in the loop rather than a verdict on advisory tools.

Millennials came out as the most satisfied and trusting generation, with 85% of those receiving advisor-supported services trusting the industry to act in their best interests, up from 77%.

The study also found Gen Z investors place transparency on equal footing with investment returns.