Throughout the week in our In Focus series, we’ll be looking at how financial advice firms are using, and can use, artificial intelligence (AI) in ways that are practical, responsible and commercially valuable. With AI firmly at the centre of industry debate, we’ll hear from a range of experts who will share hands-on insights, real examples and clear guidance on how to introduce AI safely and effectively.
In the following piece, Joshua Knight, Head of Product at Dynamic Planner, explains how financial advice firms can apply artificial intelligence in practical, responsible and commercially meaningful ways. He suggests that AI’s greatest value lies not in replacing professional judgement, but in reducing administrative burden, improving consistency and strengthening oversight. Firms that treat AI as supportive infrastructure, supported by clear governance, human control and a focus on real process pain points, can unlock scalable growth while preserving the trust at the heart of advice.
Artificial intelligence is no longer a future concept for financial advice firms. It is already embedded in many of the tools advisers use every day, often quietly saving time, reducing friction and improving consistency. With the launch of the FCA’s Mills Review, the conversation is rightly shifting away from whether AI should be used at all and towards how it can be applied in ways that are practical, responsible and commercially meaningful.
For advice firms, the opportunity is significant, but careful thought and planning is needed to ensure that the benefits are realised in a way that is scalable and sustainable. The firms making the most progress are not chasing novelty. They are focusing on specific pain points in the advice process, applying AI where it removes administrative burden and retaining clear human oversight throughout. Advice is an inherently human pursuit – and AI’s most immediate contributions are in empowering and streamlining the trusted human advice that clients value from their advisers.
Turning meetings into usable data
Given the human interactions needed to advise, one of the most obvious places AI can save time is around meetings. I’ve heard from countless advisers that post-meeting administration can take as long as the meeting itself. Notes need to be written up, actions captured, records updated and reports prepared, often under time pressure.
AI can help by turning spoken conversations into structured outputs. Meeting transcripts, whether from online platforms or in-person recordings, can be summarised, producing a clear, auditable record of what was discussed. Importantly, this is not about replacing the adviser’s judgement; it is about reducing the mechanical effort required to get from conversation to documentation.
When designed properly, these summaries remain fully transparent. Advisers can see exactly what has been extracted, amend it where needed and retain control over what is shared with the client.
From words to structured advice data
The real value emerges when AI is used not just to summarise, but to structure information. By extracting key facts, such as changes in income or expenditure, from meeting transcripts, it can enable that information to flow directly into the core planning process.
Crucially, this must be done with safeguards. Any missing information should be clearly highlighted, defaults should be visible, and nothing should be added to a client record without adviser approval. Used this way, AI becomes a bridge between conversation and advice, turning unstructured dialogue into strong, reportable data – without introducing hidden assumptions.
Review automation that still feels personal
Ongoing reviews are another area where AI can add genuine value. Review meetings often follow a well-trodden path, yet the effort required to produce a compliant, well-written review report remains significant, unless technology is utilised.
By combining structured client data with meeting insights, AI can help draft review reports in seconds. But leaving that task to a pure AI solution introduces unnecessary and unhelpful randomness into the process. AI’s real advantage comes in the form of additional personalisation – making the report ‘more human’ (irony noted!), and ultimately more engaging and relevant for the end reader. The goal is not to standardise client relationships, but to free up time so advisers can focus on the parts of the review that genuinely benefit from human judgement and empathy.
Compliance as an enabler, not a bottleneck
Large language models are great at scanning large quantities of textual information, summarising and reflecting. Leaning on this, AI can be used to support advisers and compliance teams by checking reports against firm-specific policies and checklists. By highlighting sections that may need attention, identifying omissions or flagging inconsistencies, AI can help to improve quality without removing accountability.
In line with the Customer Understanding outcome of Consumer Duty, it is important to remember who the reader is for any document you produce, and to ensure that it is appropriately worded for the audience. Tools that assess reading age, clarity and estimated time to read can help firms ensure reports are not just compliant, but genuinely engaging and understandable for clients.
Governance matters more than algorithms
One consistent lesson from firms already using AI is that governance matters far more than the underlying models. Clear policies on where AI is used, how outputs are reviewed and who is accountable are essential. Due diligence is a must, with an increased focus on data sovereignty and security. ISO 42001, a new standard that covers processes and governance in AI powered systems, is a certification worth requiring from your software providers.
Where expectations need recalibrating
AI is sometimes overestimated as a strategic oracle or a shortcut to advice itself. In reality, its greatest value today lies in operational efficiency, consistency and scalability. It excels at drafting, checking, extracting and organising, but it does not replace professional judgement, client understanding or ethical responsibility.
A gradual reshaping of adviser roles
So where does this leave us? In my view, the future looks positive, with advisers enjoying a reducing administrative load and spending more time delivering that trusted advice. Skills in oversight, critical review and client communication will become even more important. Used well, AI can help firms create capacity to do more for more clients, without compromising trust.
Ultimately, successful adoption is not about moving fast, but about moving deliberately. The firms that win will be those that treat AI as infrastructure, not spectacle, quietly and purposefully improving processes, keeping humans firmly in control and delivering better outcomes for clients.
By Joshua Knight, Head of Product, Dynamic Planner
