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Why Embracing AI Can Enhance Your Financial Advice Business

Why Embracing AI Can Enhance Your Financial Advice Business

Sue Viskovic, the founder of consulting firm Elixir Consulting, highlights the importance of incorporating AI into financial advice businesses in an upcoming episode of the IFA podcast.
While there may be apprehension regarding the role of digital tools in providing advice, Viskovic emphasizes the continued need for human interaction and trust.

In the past, the introduction of robo-advice raised concerns among advisers about being replaced. However, Viskovic believes that the evolution of thinking has shown that algorithms can handle technical strategies, but clients still desire a genuine advice relationship. They seek validation, someone they can trust, and a human with whom they can discuss their ideas and financial decision-making.

To streamline and automate various business processes, Viskovic suggests exploring the integration of tools like AI. Whether it's utilizing ChatGPT or developing a customized solution, AI can enhance efficiency and automation.

Exploring the Potential of AI Tools

The emergence of ChatGPT has opened possibilities for financial advisers to reimagine the use of AI. However, Viskovic advises caution due to privacy concerns. While firms should not use ChatGPT for client work, they should still consider the broader potential AI offers.

Client-specific tools for strategy work are in development, and bespoke solutions can address the unique needs of financial advice businesses. While these tools may not exist within ChatGPT, it is crucial to explore what's possible and maximize opportunities.

The Role of AI Bots and Automation

AI bots can play a crucial role within a firm's CRM or advice software. By enhancing efficiency and pinpointing issues, these bots contribute to improved outcomes and facilitate client engagement when necessary. Currently, advisers are using ChatGPT for content creation, enabling effective communication with clients and addressing general inquiries.

Besides content creation, chat bots can also guide clients to existing knowledge within the firm's library, answering initial informational queries. Utilizing such tools properly, advisers can offer valuable support to their clients.

Setting Parameters and Guardrails for Automation

While many firms already use some level of business process automation, as AI tools become more sophisticated, it is crucial to establish appropriate parameters and guardrails. By doing so, errors can be minimized, and automation can reach its full potential.

These guardrails ensure that the AI system learns and evolves within the framework of the firm's policies and licensing standards. Careful setup is essential for any digital business seeking to harness the power of AI.

The Hybrid Approach for Advice Firms

While embracing AI can enhance traditional advice firms, Viskovic suggests a blended approach that combines digital and traditional advice. For advice firms with an extensive back book of risk-only clients, this approach can provide a middle ground where service is offered despite cost considerations.

Published:Thursday, 23rd Nov 2023
Source: Paige Estritori

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