Even the most eagle-eyed may not catch certain patterns or trends, particularly when dealing with complex financial circumstances.
For example, combining data-driven insights from AI with the emotionally astute, trusted knowledge of an adviser would be extremely beneficial when considering passion-driven, non-traditional investments, or business ownership and succession planning, or complex family structures.
In other words, there is potential for greater depth of insight with AI, which can then be processed by an adviser and delivered with the sensitivity and bespoke detail needed.
Ultimately, AI can support advisers to manage more clients without sacrificing on quality of service. They will discover deeper insights, deliver them faster than ever before, and create more opportunities to build client trust.
This means financial advisers also have more time to bring on new clients and expand their practice. AI can help all of us meet the growing demand and ensure advice is truly accessible.
The essence of financial advisory services will always extend beyond mere transactions and data analysis. It involves understanding the personal histories, ambitions, and fears of each client.
Striking a balance between innovation and human insight can be challenging. Despite its essential nature and the value it brings to the sector, personal connection is often the first thing to be neglected in the wake of new technologies.
Advisers cannot let that happen.
The role of the financial adviser is essentially human. It is necessarily emotional.
We must all work to ensure that the adoption of AI technologies enriches the adviser-client relationship and that it helps the sector grow and deepens trust.
No one can afford for it to diminish the human element that is so crucial to its success.
Karen Barrett is CEO and founder of Unbiased
