Financial planning and corporate advisory group Foster Denovo is calling on the financial advice sector to innovate further and embrace the opportunities offered by AI tools.
The UK-wide company has adopted new ways of working digitally and says greater take-up across the sector would mean an enhanced experience for every client.
Leading by example, Foster Denovo advisers use a digital note taking tool, called Evie, which recognises the key priorities in a client meeting, producing a summary in minutes.
This saves the adviser an average of an hour-and-a-half on admin after each client meeting, freeing up time to spend with more clients.
And it’s also launched Emma, which “writes” the initial draft of suitability and other reports for clients. Doing this in minutes means paraplanners can devote more time to researching the most suitable solutions for clients.
Both these innovations have been developed further with Advisory AI as part of a wider adoption of technology Foster Denovo is calling Supercharge, including a new dashboard to knit together the various operational satellite systems into one place.
Also digitised in partnership with Pension Lab, is the outdated physical signature on an actual sheet of paper for letters of authority to be processed more speedily, saving days of delay.
Foster Denovo Chief Operating Officer Helen Lovett said: “We’ve used AI to transform necessary but laborious tasks and sticking points. It’s a practical step every adviser should be taking because it frees up more time for advisers and support colleagues to concentrate on what we all do best: focus on clients.
“Adding up the combined impact of these individual innovations means an enhanced advisory experience and it’s been achieved by being pragmatic about what can be re-engineered while the advice engine is still running smoothly!”
Alan Gurung, co-founder and CEO of Advisory AI, said: “Having spent years as a financial adviser myself, I witnessed how documentation took valuable time away from meaningful client interactions. At Advisory AI, we’re using AI to solve the very problems I experienced firsthand, enabling advisers to double their capacity while maintaining the personal touch that defines quality advice”
Pension Lab Chief Executive Scott Phillips said: “Welcoming another large advisory group like Foster Denovo onto our digital LoA platform reinforces our position as the adviser’s solution of choice. Together with our growing adviser community, we’re making great strides to eliminate the time and cost wasted by the traditional LoA process — so clients receive a standard of service and advice that goes above and beyond Consumer Duty.”
This latest development comes as Foster Denovo marks its 20th anniversary this year. The group continues to expand its national adviser footprint, buying Verum Wealth in Glasgow at the start of 2025, after acquiring Brian Mole and 80Twenty in the Midlands last autumn and Rosemount – also in Glasgow – last summer.
Earlier in 2024, it doubled the size of its employee benefits division with Punter Southall’s corporate advisory arm and acquired wealth managers Wade Financial in Newcastle and Creative Financial Solutions in Hampshire to establish 14 offices across the UK.
