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Having just done a course on AI and business strategy at MIT, I found myself reflecting on a recent panel debate on AI at the FT Adviser Forum in September. I was struck by the confidence with which the panelists predicted how AI was likely to transform the industry. When the truth is surely that no-one really knows what will happen. After all, it’s worth remembering that when the internet first arrived, no-one could have imagined Uber, Airbnb or TikTok. Most predictions were focused on the benefits of booking last-minute holidays and internet shopping. AI will surely be the same: its most transformative applications in financial advice probably haven’t even been dreamt up yet.
The enduring value of advice
One area where I did agree with the panel is that AI is not going to replace good advisers. The best use cases not just in financial services but across almost all industries are collaborative. Machines can churn through compliance checks, paperwork, data-crunching and market analysis in seconds. But they can’t understand a client’s family dynamics, provide empathy when someone is widowed or mediate when children are fighting over an inheritance. They can’t look someone in the eye and help them trade off dreams against realities or, where possible, provide the guidance that helps a dream to become a reality. That uniquely human dimension is not just an optional extra: it’s at the heart of financial planning.
Improving the client experience
Where AI can help is in everything that sits behind the adviser. And over time, this is where I believe clients will really start to benefit.
It can, for example, potentially automate routine tasks like onboarding, anti-money laundering checks and form filling, cutting hours down to minutes. It is likely to be able to draft suitability reports in minutes, highlight regulatory gaps or inconsistencies and free up professionals to focus on spending time with their clients and tailoring advice. Even portfolio reviews could become faster and more insightful, with AI surfacing trends across a client’s holdings or flagging issues before they become problems.
For example, we ourselves are already piloting an AI driven tool called Aveni. This activates during client discussions – whether held in person or via Teams or Zoom – and immediately after the meeting, it transcribes the conversation, identifies key themes, and generates a structured summary. What we’ve found is that not only does this reduce the risk of errors creeping in when meeting notes are typed up manually, but more importantly, it significantly speeds up the time it takes to write to clients to confirm what was discussed and to then implement whatever was agreed. This means clients receive faster, clearer, and more consistent service, with less chance of miscommunication or delay. And because Aveni is built with robust data protection protocols – including encrypted storage and strict access controls – clients can be confident that their personal information is handled securely and in full compliance with regulatory standards.
In many ways AI within financial services is still in its infancy. But in time I am confident that clients will benefit from advice that is quicker, more responsive and better tailored.
This is why AI may ultimately be a positive for the profession rather than the existential threat that some market commentators fear. By stripping away the non value-added activity it should make advice better and more accessible to more people. This in turn is more likely to grow the market for those who can benefit from financial advice. And somewhat paradoxically, as more clients get exposed to AI tools, the clearer the value of genuine human advice will become.
