Embracing AI to Stay Ahead of the Curve and Boost Customer Engagement 

by | Apr 3, 2024

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Written By Fraser Stewart, co-founder of Lyfeguard

Artificial Intelligence (AI) essentially involves the application of computer technology to carry out tasks which have traditionally been accomplished by human intelligence.

This includes swiftly analysing voluminous quantities of data, identifying patterns and arriving at decisive judgments based on such analyses. As far as financial advisers are concerned, this translates into an immensely powerful toolkit that can be harnessed for optimising their advisory practices and consequently enhancing the quality of service they extend towards clients. 

 
 

Tailored Advice at Scale 

Envision the capability of providing customised guidance to each customer effortlessly, without manually searching through their records. Artificial intelligence is capable of analysing data and detecting financial prospects or hazards while recommending measures tailored specifically for every individual client’s distinct circumstances. This concept isn’t intended to supplant advisors but rather provide them with more efficiency in serving a larger number of individuals. 

Time 

 
 

For both advisers and their clients, time is a valuable asset that can be gained by automating tedious tasks such as data entry, compliance checks, or scheduling meetings with the help of AI technology. This provides advisers more opportunities to concentrate on what they excel at – creating relationships and strategising for customers. Moreover, this saved time may also enable investment in comprehending customer requirements and objectives on a deeper level. 

Engaging the Next Generation 

In today’s digital world, clients expect instant and personalised interactions, especially younger ones. The next generation of clients prefers dynamic intelligent financial systems that adapt to their journey instead of static tools. AI is the perfect solution for providing highly tailored advice as it analyses trends and predicts needs in advance; this proactive approach resonates with digitally savvy clients who value customisation and foresight in their financial planning. Financial advisers can leverage AI to ensure every interaction is informed and perfectly aligned with client requirements – transforming traditional service into a more personal experience which evolves over time based on each individual’s evolving needs. Ultimately, by making finance increasingly predictive through personalisation enabled via machine learning techniques such as artificial intelligence we engage future generations effectively while accommodating differing paces they live life at. 

 
 

From Data to Insight 

By leveraging AI, advisers are able to transform copious amounts of market data, client information and financial news into tangible advice. This may include recognising potential trends that could affect a client’s portfolio performance or pinpointing opportunities for tax minimisation amongst other things. Ultimately this is about facilitating informed decision-making at an accelerated pace which enables advisers to stay ahead of their clients’ needs. 

The Human Element 

AI is often wrongly assumed to be a threat to human advisers, but in truth it strengthens their relationship with clients. By providing tools for more personalised advice, quicker updates and better service efficiency, AI enables advisers to concentrate on the crucial elements – truly comprehending each client’s needs and leading them through their financial journeys. 

Embracing the Future 

AI is being integrated into financial advisory services in the present and not just distant future. Advisors now need to consider how they can adopt AI according to their values while meeting clients’ requirements, rather than whether it should be used. The journey involves learning, adaptation as well as a bit of courage for trying new things; however, reaching your destination – a more efficient, interactive, and perceptive service – makes every effort worth taking on this path. 

To sum up, AI is more than just a trendy term in the industry; it’s a useful resource that can revolutionise advisers’ practices and interactions with their clients. By incorporating AI into their work, advisers not only keep up with current trends but also offer exceptional services that distinguish them from rivals in the market. The future of financial advisory involves intelligence, productivity, and meaningful human connection- capabilities which are already within reach.

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