Artificial intelligence (AI) is everywhere, reshaping industries left and right. For financial services, it’s a mix of excitement and caution—especially as this traditionally careful field starts dipping its toes into high-tech waters. So, what’s AI doing for wealth management? IFA Magazine’s Senior Financial Journalist Jenny Hunter sat down with the CEO of mallowstreet, Stu Breyer, to get the lowdown on how AI can help financial advisers work smarter, keep client trust intact, and stay ahead in a fast-moving world.

Start with the problem, then find the AI

The big mistake people make? Jumping straight to the coolest AI tool without a clear purpose. Breyer suggests taking a step back. “What is the thing you are trying to solve?” he says. Existing AI tools for finance offer tons of specific solutions—some focus on crunching client data, others on automating reports. But rather than bend the business to suit a tool, Breyer urges advisers to “bend AI around the way your business works.”

Breyer’s advice rings true for a lot of industries where technology can sometimes be a square peg in a round hole. He insists that when tools are tailored to fit the work, instead of the other way around, advisers and firms will see AI as an ally rather than a complication.

Data security: who has the keys?

 
 

One of the biggest hurdles for AI in finance is data privacy. This industry handles sensitive client information, so knowing where the data goes and who has access is essential. “You should always own your data,” Breyer says, stressing that advisers need to be clear on this point when choosing AI partners. mallowstreet goes as far as running everything securely within the UK and anonymising data before analysis. “We want unbiased models,” he explains, “not a model that knows it’s a man, a woman, or someone young or old—just the key facts.”

The message is simple: choose a partner who values data security as much as you do and keep the control firmly in your hands. For mallowstreet, this focus on security has made a big difference in client trust.

Freeing up adviser focus

AI’s magic really shines in its ability to handle busy work, giving advisers more time to focus on clients. With tools like SOFI, mallowstreet’s AI solution, advisers can leave tasks like taking meeting notes or sorting through documents to the machine, freeing them up to engage with clients face-to-face.

 
 

“When you’re absolutely present, actively listening and paying attention—not scribbling notes,” Breyer explains, “you can pick up on the things that really matter.” He believes this shift lets advisers read body language, catch non-verbal cues, and get a better sense of the client’s true needs, which ultimately deepens the adviser-client connection.

Adoption is building fast

While AI is sweeping through fields like marketing and tech, financial services are still testing the waters. Breyer points out that even though AI tools like ChatGPT have become household names, adoption in finance remains cautious. A lot of this, he says, is down to regulation and the need to ensure these tools work safely with client data. But that’s starting to change.

As more professionals see colleagues using AI tools like SOFI, Breyer says they’re coming around quickly. “One person will start using SOFI… and then the next person emails us later in the week saying, ‘Can I also have a SOFI account?’ because they’re seeing that immediate benefit.”

 
 

AI won’t replace advisers—it’ll give them superpowers

If you’re worried about AI swooping in to take over, Breyer’s got good news. AI isn’t here to replace advisers but to supercharge what they can do. “What’s coming for your job is the person who knows how to use AI,” Breyer jokes, pointing out that people who can leverage AI to work faster and smarter are going to be the real game-changers.

mallowstreet itself uses AI for everything from coding and drafting documents to managing meetings and creating summaries. “These are the things that save you ten, twenty, or even thirty minutes at a time,” he says. Add up all these time savings, and across an organisation, they make a huge difference. His recommendation? Look for small ways to introduce AI and let the benefits build up over time.

Build confidence with low-stakes AI

For advisers feeling a bit hesitant, Breyer suggests starting with something fun, like asking ChatGPT for a weekend itinerary. “Start playing around—approach it from a curiosity perspective,” he advises. This lets people get comfortable with AI before jumping into business-critical uses.

Once they’re ready, they can try out low-risk applications within their firm, gradually introducing AI as a helpful sidekick rather than a disruptor. As Breyer sees it, each small improvement will add up, and before long, advisers will be well on their way to a smoother, more efficient way of working.

The future of AI in financial services

Looking ahead, Breyer predicts a big boost in AI adoption over the next year, with financial firms linking up their internal processes using these tools. “For me, it’s going to be the tools that come out that look holistically across businesses and say, ‘Here are the ten things that you’ve identified that this tool can help with.’” The focus will be on using AI to solve specific business needs while keeping the firm’s unique style and client-centric focus.

Wrapping up

As AI becomes a bigger part of financial services, its role isn’t to replace the personal touch but to help advisers focus more on it. By choosing the right tools, keeping data safe, and slowly incorporating AI, advisers can save time and improve the client experience. And for those ready to get creative with AI, the benefits are likely just beginning.

To learn more about mallowstreet’s SOFI tool, you can visit the website here: https://sofiai.com/landing.

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