Two thirds of advisers believe that in the future advice will be delivered via an online client portal, with virtual access to an adviser, according to AdviserSoftware.com.
Two years on from the launch of ChatGTP, the tech consultancy said the infiltration of artificial intelligence across the advice sector has created a trend towards a more holistic hybrid advice model.
Advisers agree that offering virtual access to advice via an online service will provide clients with the benefit of accessing personal information about their finances when they wish, although a third (33%) expect to maintain client contact on a quarterly or annual basis.
To achieve this hybrid model, over half (57%) of advisers said they would like to enhance their compliance processes to use AI for the provision of suitable advice in the future. This would allow advisers to use AI beyond the on-boarding process, including in the collation of client information, the generation of suitability reports and other recommendations and to help automate meeting notes. Almost all (97%) advisers surveyed said they plan to use AI more in the future.
Ian McKenna, founder of AdviserSoftware.com, said: “Artificial intelligence is having a tremendous impact on the sector already. It is the greatest opportunity for financial advice and at the same time, the biggest threat.
“It presents an enormous opportunity to close the advice gap and will, without doubt, mean technical financial advice will be available for free 10 years from now.”
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