Embrace A New Era


Debunking The Myths About Tech in Financial Advice

With change, there often comes resistance and even fear. Suppose we are to learn from Y2K or Robo Advice examples, and the hype of how these two events impacted the financial advice industry.
In that case, let’s address the same propensity for change in integrating Tech Innovation into financial advice.

There are many misconceptions about the role of tech and machine learning in financial advice. Let’s address some of them here:


Tech and AI Machine Learning will replace a human Financial Adviser.


Whilst Tech and AI Machine Learning can be used as tools to automate and simplify the Advice processes and legacy software, it cannot replace the role of a financial adviser – the adviser/client relationship. Nor can it currently build or simulate the emotional connection pivotal in developing client relationships and embedding trust.

Its efficiency lies in computing and analysing vast amounts of data at significant speeds, and removing human error attributed to human biases inputted into the system.

01 AI/Machine Learning’s strength is in the insight & data it provides.

02 AI/Machine Learning supports automation.

03 AI/Machine Learning creates efficiencies.

04 AI/Machine Learning strengthens the IQ component supporting advice.


Tech and AI Machine Learning is a high cost to a business.


Tech and AI Machine Learning is an investment in your business. 

Innovation can be costly in terms of time and money to implement. But being left behind in a quickly changing environment can be even more expensive.

An investment in tech is an investment into future proofing your business by automating and improving processes, creating more transparency of the advice process and enhancing record-keeping and compliance functionality. The value-added to the client experience can also prove to be invaluable.

01 AI/Machine Learning saves time in admin & processes.

02 AI/Machine Learning can improve business efficiency.

03 AI/Machine Learning can reduce the cost to serve a client.

04 AI/Machine Learning can Improve Client Experience.

05 AI/Machine Learning can improve compliance audit trails.

06 AI/Machine Learning offers scalability.


Tech and AI/Machine Learning creates a compliance burden


Tech and AI/Machine Learning can simplify and enhance compliance within a business. All conversations, interactions and touchpoints can be recorded and accessible. Upstream compliance automation, built into the user experience, can provide greater transparency, build trust, confidence and certainty in the advice process. 

01 AI/Machine Learning can provide quality assurance.

02 AI/Machine Learning can enhance reporting.

03 AI/Machine Learning can automate opt-in & ongoing services.

04 AI/Machine Learning can provide a central log of all interactions.

05 AI/Machine Learning can improve the transparency of the entire advice process with every interaction recorded, dated & time-stamped.


Tech and AI/Machine Learning is difficult to implement


Tech innovation and AI/Machine Learning can either be large scale or a series of small, incremental changes. The quality of data will broadly impact this process, as will the buy-in from your employees will help facilitate the transition to the new technology – the behavioural element of change. 

A business can start initially by automating essential, time-consuming processes and procedures like offering clients a digital option instead of a paper fact-find or building remote meetings automatically into workflows. These steps can be taken toward improving the client experience, whilst reducing overheads and freeing up time for further implementation.

Advice Intelligence

Want more on the new world of financial advice?

4  to 7

© 2023 Design by XY Adviser