- The majority of advisers (57%) hold a positive outlook regarding AI’s potential impact, especially in client communication (personalisation and automation), data analysis, and compliance
- Tech firms are actively developing tools tailored for the advice sector, with intelliflo’s integrations with Model Office and RecordSure serving as key examples
Nearly three-quarters (72%) of financial advisers believe it’s important to integrate artificial intelligence (AI) into their processes. However, almost all (95%) feel unprepared due to a lack of required skillsets within their businesses, as revealed by intelliflo’s Advice Efficiency Survey 2024.
Despite this, 46% of firms are either already using AI or have plans to incorporate it into their operations in the near future.
“We’re already seeing AI used in the advice process for notetaking during meetings and report writing, but that’s just the start,” said Nick Eatock, intelliflo’s CEO, who emphasised that “AI technology will become far more prevalent, not just in our sector, but in all sectors. The potential for AI to deliver better data analysis, clearer insight, and greater personalisation to improve the advice process for both advisers and clients is enormous. Although advice is highly personalised, there are also a lot of commonalities between clients. Using AI to understand those common factors could certainly help extend the reach of low-cost advice, helping millions of people to receive much-needed help with their long-term finances.”
According to intelliflo’s survey, the majority of advisers (57%) hold a positive outlook regarding AI’s potential impact, particularly in client communication (personalisation and automation), data analysis, and compliance, identified as the key areas benefiting from early-stage implementation. Only a marginal 7% of firms anticipate a negative impact from the use of AI in the financial advice industry.
Tech firms are actively developing tools tailored for the advice sector. For instance, in the intelliflo store, integrations with Model Office and RecordSure use AI to deliver compliance support and provide speech and document analytics for review purposes, respectively.
