HELPING YOU TO GIVE MORE ADVICE

Not a day goes by without another AI article appearing in the trade press or landing in our inbox and , with so much attention , it can often be difficult to cut through the noise . However , at SimplyBiz , we believe that now is the time to take note and to get your business AI ready .

What role will AI play in our profession ?

AI will mean a number of different things to different people and , whilst there are many reliable sources out there to provide a good understanding , there is of course a lot of opinion and speculation . So , I think it ’ s important to be clear what we mean when we talk about the role of AI in terms of financial advice and to stress that AI will become a great enabler , and not a replacement , for sound financial advice . Looking into the future , the utilisation of AI correctly will enable IFAs to increase key metrics , such as number of households per IFA and number of products per household , whilst becoming more efficient with admin and paraplanning . These AI benefits , however , can only be achieved if the back office and core systems are all connected and ready for AI to integrate and sit over the top of the advice process .

AI WILL BECOME A GREAT ENABLER , AND NOT A REPLACEMENT , FOR SOUND FINANCIAL ADVICE .

So , where are we at the moment in terms of what AI can do and what firms should be doing to capitalise on the opportunity it brings ?

We believe there will be a market-suitable AI solution within 2024 / 2025 , this means the real possibility of IFAs starting to become more efficient and increase household number , whilst reducing administration costs in 2025 . By market suitable we mean a solution that can and has integrations to all key IFA software such as IO , Defaqto Engage , Dynamic Planner and Plannr .

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