Gen Z trust in AI-only advice falls to 10%, SIFMA-KPMG survey finds

Trust in AI-only financial advice among Gen Z investors fell to 10% from 20% a year earlier, according to the 2026 SIFMA-KPMG Voice of Investor Satisfaction, Trust, and Advocacy study released Oct. 19.

The survey of more than 2,100 U.S. individual investors found 42% rely on financial advisors as their primary source of investment advice, up from 39%. Another 52% trust financial advisors as their primary source of investment advice. KPMG conducted the study independently, sponsored by SIFMA. Financial Advisor Magazine, which reported the findings, described the decline in AI-only confidence as running across generations, not just among the youngest investors.

Fully advised clients reported 88% satisfaction, compared with 87% for hybrid investors combining professional advice with self-directed investing. Overall, 83% of respondents said the investment industry was meeting their needs, and 82% expressed satisfaction with their firms' ethical standards and accountability.

Millennials emerged as the industry's most satisfied and trusting generation. Among millennials receiving advisor-supported services, 92% said the industry was meeting their needs, and 85% trusted it to act in their best interests, up from 77% a year earlier.

Gen Z investors now place transparency on equal footing with investment returns, the study found. "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.

Kenneth E. Bentsen Jr., SIFMA's president and CEO, said in a statement that "Investor confidence in our industry remains strong, and this year's results show that it rests on trusted guidance."