Nearly half (44%) of financial advisers who are not using artificial intelligence (AI) have said that it is still “an area to watch”.

This is according to a recent report released by NextWealth, titled ‘Delivering Operational Leverage’.
The report has drawn on interviews with 18 financial advice professionals and a survey encompassing 244 individuals in the field.

NextWealth said large and small firms alike said they would rely on their tech partners – back-office, platform and administrative system providers in particular – to help with the thinking about how to implement AI to automate tasks.

According to the report, several advisers criticised these firms for not doing enough product development. One remarked that these firms seem to be chasing each other to steal bits of business instead of innovating.

The two most common tasks that firms expect to automate through AI are creating suitability reports and compliance case checking.

Many advisers have said AI will be able to assemble a draft for review using data from the fact find, perhaps even analysis of an audio recording of a client meeting.

Moreover, another application of AI is compliance file checking. AI can look through files to flag those needing extra scrutiny.

NextWealth said it is “too early” to tell how AI will eventually be used in wealth management.



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