Three ways AI can transform your advice journey

Richard Wake, Chief Customer Officer, UK and Australia, intelliflo

Almost three-quarters (72%) of advice firms believe integrating Artificial Intelligence in advice delivery is important, according to intelliflo’s latest marketwide Advice Efficiency Survey. Yet 95% feel they don’t have the necessary skills within their business to do this effectively.

While the human relationship remains central to good financial advice, with the right AI tools you can spend less time on admin and rekeying and more time interacting with clients. That’s why intelliflo is working to identify suitable, sector-specific tools that can support you throughout the advice journey and improve your processes in several ways:

1. Faster report writing

Having a clear record of client meetings is important, but written notes can miss crucial information and take your focus away from the conversation. AI-powered tools, like Aveni Assist which integrates directly with intelliflo office, transcribe the meeting for you, leaving you free to concentrate on the client and support deeper discussions.

Tools like Aveni can also extract key information from your meeting transcripts and client documents to automatically populate fact-finds and initial reports. This can save significant admin time: our research found that, across the sector, advisers spend more than two months a year writing reports! It can also support your regulatory obligations by highlighting missing mandatory data. You stay in control by reviewing and approving the draft report before it is automatically stored in intelliflo office alongside the meeting recording.

2. Richer data analysis

AI can provide deep insights into your business, crunching through huge amounts of data to identify trends, inconsistencies, commonalities and more. Natural language models mean you don’t need to be technically minded to fully interrogate the data you hold. Instead of writing complex code or structuring queries in a specific way, with AI you can extract information with a few simple questions and turn it into easy-to-understand reports and charts.

Using AI to analyse data can also provide insights into your clients, informing your segmentation, monitoring client outcomes and the consistency of ongoing advice, and demonstrating the value of your proposition.

3. Better client understanding

Ensuring that customers understand your advice is a key principle of Consumer Duty, but providing clients with relevant, personalised information can take up a lot of resource. AI can be hugely helpful in educating and informing clients, from chatbots that provide answers to basic questions to immersive educational videos that deliver a more personalised learning experience.

We’re working in partnership with Money Alive to deliver educational content through our client portal, combining data-driven insights with interactive digital experiences tailored to the client’s financial goals, preferences and life stage. These videos and interactive tools will help clients make better-informed decisions by improving their understanding of complex financial concepts. At the same time, they’ll help your firm evidence that you are meeting the Consumer Duty requirements by identifying and solving gaps in your clients’ knowledge.

AI is advancing at speed and simply ignoring it could leave your firm way behind competitors. At intelliflo, we’re already working with several partners, with more vendors and deeper integrations coming, to help you incorporate the right tools into your advice journey and reap the benefits that AI offers.

Book a demo to discover what’s possible with intelliflo.