Artificial intelligence is rapidly becoming part of the adviser toolkit. What started as experimentation with tools like ChatGPT has quickly evolved into a wave of specialist software designed to support almost every stage of the advice process. There are tools to record meetings, summarise conversations, generate suitability reports, and monitor compliance. Deputy Editor of IFA Magazine Jenny Hunter discusses how, as these new technologies arrive at a rapid pace, many firms are discovering that adopting AI is not always as simple as it first appears.
Instead of one system improving efficiency, advisers can end up assembling a collection of different tools just to complete a single piece of advice. In other words, we are starting to see the emergence of the adviser AI tech stack.
AI adoption in advice is accelerating
AI adoption in advice is accelerating rapidly. Research from The Lang Cat found that around 60% per cent of advisers are now using artificial intelligence in some form, up from 29% the previous year. Adoption rises even further among larger firms. Among advice businesses managing more than £1bn in assets, usage has been reported at close to 88%.[i]
The direction of travel is not unique to financial advice. The Bank of England and the Financial Conduct Authority have both highlighted that around three-quarters of financial services firms are now using artificial intelligence somewhere in their operations.[ii] For many organisations, the technology is still in testing or early implementation phases, but the shift from curiosity to practical application has been swift.
The rise of the adviser AI tech stack
Within advice firms, this experimentation has created a growing ecosystem of specialist tools. One platform might record and transcribe client meetings. Another might convert those conversations into file notes. A separate system might draft a suitability report. A further tool might monitor communications for compliance purposes. All of this information then needs to find its way back into the firm’s CRM or practice management system.
Each of these tools can deliver genuine benefits in isolation. Meeting transcription tools remove the need for advisers to take extensive notes. Report generation tools can dramatically reduce paraplanning time. Compliance monitoring systems can help firms evidence good outcomes for clients. The problem is that few of these tools currently cover the entire advice journey from start to finish.
As a result, some firms are beginning to build their own AI ecosystems, layering multiple tools together to support different parts of the advice process. In theory, this creates a highly efficient technology stack. In practice, it can introduce a new kind of operational complexity.
Why advisers are adopting AI
The primary reason advisers are exploring AI in the first place is straightforward. Capacity pressures across the advice profession remain significant. Firms are looking for ways to serve more clients without proportionally increasing headcount.
Research from Fidelity International has suggested advisers spend a substantial proportion of their working week on administration and compliance tasks rather than client interaction.[iii] Automating parts of this process is therefore seen as a way to release valuable adviser time. If documentation, file notes and report drafting can be partially automated, advisers can focus on the parts of the job that clients value most.
The wider financial services landscape is also changing. Lloyds Banking Group recently reported that around 28 million UK adults are already using artificial intelligence tools to help manage aspects of their finances.[iv] While this does not replace the role of professional advice, it demonstrates how quickly consumers are becoming comfortable with AI-driven services.
Against this backdrop, it is easy to understand why advice firms are exploring technology so actively. However, the reality of stacking multiple tools together can create its own challenges.
When more technology creates more complexity
Fragmentation is one of the most obvious issues. Information captured in one system often needs to be transferred manually into another. Data can be duplicated across platforms. Staff must be trained on several different interfaces. Each tool may come with its own subscription cost and integration requirements.
Ironically, technology designed to reduce friction can sometimes introduce additional layers of complexity. Instead of streamlining workflows, advisers and their teams may find themselves switching between systems throughout the day.
This raises an increasingly important question for the industry. Rather than building ever more elaborate tech stacks, would advisers benefit more from a platform that brings these functions together?
The case for a unified AI platform
In theory, an integrated AI system could capture a client meeting, transcribe the conversation, populate fact-finding information and generate a draft suitability report within a single workflow. Compliance documentation could be produced automatically and stored within the firm’s central client record. Information would only need to be captured once and could flow through the entire advice process.
Such a model would reduce duplication and simplify training for staff. It could also improve consistency across documentation, which is particularly important in a regulated environment where evidencing the advice process is critical.
Whilst some platforms and software systems claim to be a one-stop shop, the reality is that no one system exists that can do everything at the moment and certainly not in line with the personalised output required by each individual firm. How long will it take for this holy grail of financial services AI to appear? Perhaps not too long, but we’re not there yet.
Why the market is still fragmented
The challenge is that the adviser technology market has historically evolved in layers. CRM providers developed practice management systems. Financial planning software focused on modelling and cash flow forecasting. Compliance tools emerged to address regulatory requirements. Each category of software solved a specific problem.
Artificial intelligence is now being added on top of these layers rather than replacing them entirely. That is why many new tools focus on a particular task, such as meeting transcription or report generation. They integrate with existing systems rather than attempting to replace the entire technology infrastructure of an advice firm.
Over time, however, this may change. As AI capabilities develop, the market may begin to move towards more unified platforms that bring together multiple functions within a single environment. Consolidation is a common pattern in technology markets once the first wave of innovation settles.
Human advice still matters
What seems clear is that artificial intelligence will not replace advisers themselves. Research from Unbiased suggests that seven in ten people still prefer to receive financial advice from a human rather than relying on artificial intelligence alone.[v] Clients continue to value judgement, empathy and professional expertise.
AI’s real potential lies in supporting advisers rather than replacing them. If technology can reduce administrative workload and streamline documentation, advisers can spend more time doing what they do best. That means building relationships, understanding client goals and delivering thoughtful financial planning.
The next phase of adviser technology
The next phase of adviser technology may therefore not be about adding another tool to the stack. Instead, it may be about simplifying the stack altogether. As the industry continues to experiment with AI, the firms that benefit most may be those that focus not just on adopting new technology, but on integrating it in a way that genuinely makes the advice process easier.
[i] https://thelangcat.co.uk/report/state-of-the-advice-nation-2025-26/
[ii] https://www.bankofengland.co.uk/report/2024/artificial-intelligence-in-uk-financial-services-2024
[iii] https://adviserservices.fidelity.co.uk/news-insights/financial-advisor-insights/press-releases/ai-set-to-unlock-the-ideal-workday/
[iv] https://www.lloydsbankinggroup.com/media/press-releases/2025/lloyds-banking-group-2025/28m-adults-using-ai-to-manage-money.html
[v] https://www.unbiased.co.uk/news/press-releases/7-in-10-brits-prefer-financial-advice-from-a-person-rather-than-artificial-intelligence
About Jenny Hunter
Jenny Hunter is Deputy Editor at IFA Magazine. With a degree in English, she went on to qualify as a Paraplanner and Chartered Financial Planner herself, working in an advice business before combining her love of writing and her technical financial knowledge into an Editor role.
Her perspective and insight into the business of advice is based on over a decade of personal experience working in the profession.
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