With over two decades of experience in the profession, Chung-Yeung Shek, Paraplanner Technical Specialist at Acumen Financial Planning Ltd, says that one of the most significant changes in his career to date came with exploring AI.
As I sit down to record my thoughts for this article, I’m struck by how dramatically our profession has evolved. After two decades into my financial services career, I’ve witnessed first-hand how artificial intelligence (AI) is reshaping paraplanning, not as a threat, but as a powerful tool for transformation.
From small beginnings to strategic growth
When I first walked through Acumen’s doors around nine years ago, we were a team of 30-40 people, with around a dozen paraplanners. Today, we have grown to just under 100 employees, with more than 20 paraplanners across multiple regions. This expansion reflects not just our firm’s success, but the broader evolution of financial planning as a profession.
The tools of our trade have evolved too. While we still rely on trusted systems like Voyant and FE Analytics, we’ve upgraded others – changing our CRM, for instance. But the most significant change came when we decided to explore AI.
Seeking efficiencies
At the start of 2024, I became involved in an internal efficiency group tasked with identifying ways we could work more efficiently. The answer was obvious to anyone who’d ever spent time finishing client reports: our annual report drafting process was a significant bottleneck.
We embarked on a project to find the right AI tool, testing various solutions over several months for both meeting notes functionality and report generation. Through continued evaluation, we eventually found a solution that would meet our needs and efficiency goals.
Changing our mindset
Adopting an AI report writing tool required something I hadn’t anticipated: a fundamental shift in how we think about our work. The reports it produces look very different from our traditional templates. As paraplanners, we take immense pride in crafting what we consider masterpieces for our clients. Seeing that first AI generated draft was jarring – it simply wasn’t what we were used to.
But I had to ask myself: what really matters? The report needs to be compliant, appealing to clients, and easy to read. AI delivers on these requirements while saving us significant time. Sometimes compromise is necessary for progress – in this case, a different report format and style from what we were accustomed to.
Quality without compromise
Let me be clear: implementing AI hasn’t meant lowering our standards. Every AI generated report still requires thorough review. I check everything the system produces because I know it won’t be perfect every time. The technology handles the heavy lifting, but professional judgement remains essential.
Through our staged rollout – testing with a small group before expanding to various teams – we’ve ironed out many initial wrinkles. Yes, some niggles remain, but the efficiency gains are there. Like any new system, the more you use it, the more familiar and efficient you become.
AI as tool, not threat
I often hear concerns about AI making paraplanners obsolete. Having worked extensively with these tools, I simply don’t see it. Clients will always want human interaction when discussing their financial futures. I certainly wouldn’t rely purely on AI for financial advice – there’s no accountability there.
What I do see is evolution. The time we save through AI allows us to focus on higher-value activities: taking on more new clients, deeper involvement in client relationships, sitting in on meetings, and building stronger connections with the people we serve. The core function of supporting planners remains, but the day-to-day tasks are shifting.
Looking ahead
Our experience with AI has taught me that successful adoption requires realistic expectations, cultural flexibility, and unwavering commitment to quality. The technology isn’t perfect, but it’s a powerful tool when properly implemented and overseen.
For fellow paraplanners wondering about AI’s impact on our profession, my advice is simple: embrace it as an enhancement tool rather than fear it as a replacement. The human expertise, professional judgement, and relationship skills that define effective paraplanning remain as valuable as ever.
AI is ultimately a tool to help us do our jobs better and more efficiently. The future belongs to those who can harness this technology while preserving the human touch that our clients value and trust. After nine years at Acumen and two decades in financial services, I’m more optimistic than ever about where our profession is heading.
Acumen Financial Planning Ltd is authorised and regulated by the FCA, FRN 218745. The content within this article is for information purposes only and should not be regarded as advice.
Main image: AI, luke-jones-ac6UGoeSUSE-unsplash
