AI is rapidly transforming financial services, with tools like ChatGPT and Copilot promising to streamline processes, improve insights, and enhance efficiency. But how do these two particular AI models stack up? (Disclaimer: other AI models are available). Are they reliable, compliant, and worth the investment? A recent IFA Magazine pollError! Bookmark not defined. of financial advisers in the UK offers valuable insights into how these tools compare—and where each falls short. IFA Magazine’s Senior Financial Journalist, Jenny Hunter, analyses the results and brings you the key takeaways.
With AI being integrated into various aspects of financial advisory services, the debate over which tool is superior is more relevant than ever. Some advisers see AI as an indispensable ally in handling financial insights, compliance checks, and data summarisation, while others remain sceptical about its accuracy and security. By examining how ChatGPT and Copilot perform in critical areas—reliability, compliance, usability, time-saving potential, and cost-effectiveness—we can determine which AI model may be better suited for the evolving needs of financial professionals.
Who do advisers trust more?
When it comes to financial insights, reliability is everything. Advisers need AI tools that can process vast amounts of data, interpret market trends, and avoid misleading or inaccurate responses. While both ChatGPT and Copilot leverage extensive data sets to generate responses, their approaches differ significantly.
In a recent IFA Magazine poll[i], 50% of advisers favoured Copilot as the more reliable AI model, while 45% put their trust in ChatGPT. This near-even split suggests that while both tools have their merits, neither has secured a dominant position in terms of trust. However, 5% of respondents said they don’t trust AI at all for financial insights, underscoring the fact that many advisers remain cautious about relying too heavily on AI-generated information.
One of the primary reasons advisers trust Copilot slightly more is its integration with Microsoft’s ecosystem. Since Microsoft has long been a key player in enterprise software, financial professionals may feel more confident that Copilot aligns with their existing infrastructure and regulatory frameworks. ChatGPT, on the other hand, is more widely recognised for its conversational abilities and broad knowledge base but may not always be as structured or industry-specific as Copilot.
That said, reliability in financial AI isn’t just about sourcing correct data—it’s also about avoiding AI “hallucinations,”where the model generates incorrect or misleading answers with confidence. The financial industry demands precision, and any inaccuracy can lead to costly mistakes. Both tools must continue refining their ability to fact-check and reference sources transparently if they are to earn full trust from the advisory sector.
Compliance and security set models apart
For financial advisers, regulatory compliance is not optional—it’s essential. Any AI used in a financial setting must align with Financial Conduct Authority (FCA) guidelines, General Data Protection Regulation (GDPR) requirements, and other relevant security protocols.
Here, Copilot emerged as the clear leader, with 90% of advisers considering it the most compliant AI model. ChatGPT and other AI tools didn’t receive a single vote, and 10% of respondents said they don’t trust any AI model to meet compliance standards.
This level of confidence in Copilot is largely due to Microsoft’s long-standing enterprise security framework. Given that Microsoft products are widely used across regulated industries, there’s a perception that Copilot adheres more strictly to compliance requirements. Additionally, Copilot benefits from Microsoft’s security policies, ensuring better control over data handling and privacy.
In contrast, OpenAI’s ChatGPT is a more open-ended platform, which raises concerns about how financial data is processed and stored. While OpenAI continuously updates its policies to improve security, financial firms may hesitate to fully integrate ChatGPT into their workflows without clear assurances of compliance safeguards.
Data security is another critical factor. Financial data is sensitive, and advisers need to ensure that AI tools do not inadvertently store or misuse client information. Copilot’s integration within Microsoft’s secure cloud services offers a compelling advantage, while ChatGPT’s cloud-based structure may pose additional security risks for firms handling confidential data.
Ultimately, in the highly regulated world of finance, compliance and security concerns make Copilot the preferred choice for advisers.
The demand for real-time updates
AI tools in finance must do more than just process information—they need to be consistently updated to reflect shifting regulations and market conditions. Advisers also expect robust support when they encounter issues.
In this category, an overwhelming 95% of respondents said that ongoing support and frequent updates are essential. Only 5% said they didn’t find this to be a major concern. Neither ChatGPT nor Copilot was specifically named as a leader in this space, but Microsoft’s Copilot benefits from direct integration with Microsoft 365, ensuring frequent enterprise-level updates. Meanwhile, OpenAI continuously refines ChatGPT, but some advisers may be concerned about how quickly updates roll out and whether they address financial-sector-specific needs.
Support also plays a major role in usability. Financial advisers cannot afford long downtimes or unresolved issues when using AI for critical tasks. While Copilot benefits from Microsoft’s extensive enterprise support, ChatGPT has a more community-driven support structure, which may not always meet the needs of regulated financial firms.
What advisers want from AI
One size does not fit all when it comes to AI in financial services. Firms need AI models that can be tailored to their workflows, integrated with existing systems, and controlled to ensure compliance.
When asked what would make AI more useful, 50% of advisers said they want to train AI on their firm’s specific processes, making this the top request. Meanwhile, 20% prioritised integration with their CRM and financial tools, and 30% called for better privacy options and more control over AI-generated outputs.
So, which tool performs better in this category? Copilot, with its Microsoft backing, offers a natural advantage when it comes to integration with existing office and business tools. However, ChatGPT offers a more flexible, open-ended AI model that could be customised with third-party tools and fine-tuned to specific needs. Ultimately, firms will need to consider whether they prioritise ease of integration or a more adaptable AI model.
Where AI provides the most value
One of AI’s biggest promises is efficiency—helping advisers spend less time on admin and more time providing high-value client services. But which tasks does AI help with most?
In our polli, 70% of advisers said the biggest time-saving benefit of AI is keeping them updated on market trends and regulations. Meanwhile, 30% found AI most useful for writing reports and summarising financial data.
Both ChatGPT and Copilot offer significant support in these areas. ChatGPT’s natural language capabilities make it particularly useful for drafting reports, summarising financial documents, and generating written content quickly. On the other hand, Copilot’s ability to integrate with Microsoft 365 and financial platforms gives it an edge in delivering real-time market insights and compliance updates.
The fact that staying updated on market trends ranked as the most valuable function of AI highlights the increasing complexity of financial regulations. Advisers who use AI to stay ahead of these changes can not only improve efficiency but also enhance the quality of advice they provide to clients.
Is AI worth the investment?
AI tools are an investment, and financial advisers need to know if they deliver a strong return.
According to the polli, 65% of advisers believe AI tools like ChatGPT and Copilot are worth the cost, citing efficiency and insights as the key benefits. However, 15% felt that AI would need to improve significantly in accuracy and compliance before they could justify the expense. Meanwhile, 20% admitted they hadn’t used AI enough to evaluate its return on investment.
This split suggests that while many advisers already see value in AI, some remain cautious. The 20% who haven’t used AI enough to judge its impact indicate a gap in adoption—perhaps due to uncertainty about compliance, security, or practical implementation. For AI providers, this presents an opportunity to better demonstrate ROI and provide clearer pathways to integration in financial workflows.
For those who see AI as valuable, the key advantages include time savings, improved market intelligence, and automation of routine tasks. However, for AI to fully justify its cost across the industry, it must continue to improve in accuracy and provide clear, measurable benefits.
Final verdict
So, which AI tool is best for financial advisers? The answer depends on what you prioritise:
- For compliance and security: Copilot is the clear winner, overwhelmingly trusted by advisers for regulatory alignment and data security.
- For financial insights: The race is close, with Copilot slightly ahead, but ChatGPT still proving to be a strong contender.
- For usability and support: Both tools must continue to improve, as advisers expect real-time updates and robust vendor support.
- For customisation and integration: Copilot is the better option for firms already using Microsoft products, while ChatGPT offers more flexibility.
- For time-saving benefits: Both tools are proving useful, but ChatGPT’s language capabilities may give it an edge for generating reports.
Ultimately, financial advisers must choose the AI tool that best aligns with their needs. While Copilot dominates in compliance, ChatGPT remains a strong alternative for those seeking more adaptable AI solutions. Whichever AI advisers choose, one thing is clear—AI is no longer an optional add-on: it’s becoming a crucial tool in the modern financial landscape.
About Jenny Hunter
Jenny Hunter is a Senior Financial Journalist at IFA Magazine. Qualified as a Paraplanner and Chartered Financial Planner herself, her perspective and insight into the business of advice is based on over a decade of personal experience working in the profession.
[i] According to a LinkedIn poll conducted by IFA Magazine over a week in March 2025, aimed at industry professionals, participants responded to six key questions designed to gauge sentiment toward the impact and integration of AI models.
