Canadians Turn to AI for Retirement Planning, but Trust Lags Behind Human Advisors — Fidelity Investments Canada ULC

Event summary

26% of pre-retirees and 11% of retirees in Canada now use AI for financial planning, with investment info (36%), tax advice (29%), and budgeting (27%) being the top use cases.
Only 5% of AI users trust it as their most reliable source of financial information, compared to 88% who trust human advisors.
83% of financial advisors plan to increase their AI usage in 2026, despite clients' preference for human guidance.
Just 8% of pre-retirees and 18% of retirees have a detailed decumulation plan, highlighting a key retirement planning gap.

The big picture

Fidelity's report reveals a growing but cautious adoption of AI in Canadian retirement planning, set against a backdrop of economic uncertainty and geopolitical concerns. While AI offers efficiency in information processing, human advisors maintain a clear trust advantage, particularly in interpreting complex financial landscapes. The $401 billion AUM manager's findings suggest a strategic opportunity for wealth managers to bridge the gap between technological innovation and client confidence.

What we're watching

AI Integration: How financial advisors will balance AI adoption with maintaining client trust in human expertise.
Decumulation Gap: Whether Fidelity and other wealth managers can close the retirement income planning gap among Canadians.
Regional Dynamics: The pace at which AI adoption in financial planning will spread beyond Ontario and the Prairies.