What’s on advisers’ tech wish list this Christmas?
Nick Eatock, CEO of intelliflo

Top tech gifts this Christmas include smartphones, wireless earbuds and digital cameras according to the Standard’s 2024 list. But while advisers may well be hoping to find the latest gadget under the tree this year, priorities for their business look a little different.
From our conversations with advice professionals, the top tech picks for firms might be improving digitalisation, integrating AI effectively and implementing systems that support regulatory compliance.
1. Improving digitalisation
The trend towards digitalisation has been around for several years, but we’re now at the point where if you’re not embedding digital processes within your firm, you’re going to be left behind. A customer we recently onboarded onto intelliflo office experienced significant time savings following the switch from paper-based processes to a digital platform, including 97% time saving on bulk communication, 80% on the prospect process and 67% on bulk client review.
Streamlining processes and integrating systems to create a seamless flow of data throughout the advice journey can deliver enormous business efficiencies. According to our marketwide advice efficiency survey, firms report that around 40% of processes are currently digitalised, however, many believe they can go further. On average firms want to increase digitalisation to 75% of processes, while one in five would like no manual or paper-based processes at all.
As well as improving business efficiency, digitalisation also enhances the client experience, putting information at the adviser’s fingertips to deliver a more effective service. By implementing a client portal, you can also put the data directly in the client’s hands, supporting greater engagement with the overall financial plan.
2. Integrating Artificial Intelligence
The Collins Dictionary named AI the 2023 Word of the Year after usage of the term quadrupled during the year. Its ubiquity has continued in 2024, with many advisers wondering how best to use AI effectively within their business. In our adviser research, 72% of firms said that integrating AI into advice delivery is important, but 95% felt they didn’t have the necessary skills to do it.
Successfully implementing AI within the advice process will help firms capitalise on the efficiencies gained from digitalisation. By freeing them from much of the grunt work within the process, AI can create time for advisers to focus on the important human aspects of the advice journey. Not only that, the deep analysis of large quantities of data using AI can shape your proposition to meet client needs more effectively. It can also support wider access to financial advice and help bridge the advice gap, by allowing human advisers to service more clients and assets under management while maintaining consistent, high-quality outcomes.
3. Supporting regulatory compliance
Eighteen months on from the implementation of Consumer Duty, it’s clear that the new rules have created an additional burden on advice professionals. While most well-run firms would have already been fulfilling the spirit of the regulation and creating consistent, good outcomes for clients, evidencing compliance on an ongoing basis is a greater challenge. Given that the FCA stated in a Dear CEO letter in October that one of its priorities over the next two years is to “monitor and test higher industry standards under the Consumer Duty” these obligations are not going away.
The regulator expects firms to evidence they have implemented the Duty and comply on an ongoing basis. Having strong processes in place to document the steps leading to your recommendation, as well as a robust business management system that allows you to access the information required for FCA submissions and data requests, is crucial to fulfilling the regulatory requirements. Creating effective workflows so all required information is entered correctly the first time, will also ensure that you’re not missing vital data when the regulator comes calling.
As we look ahead to 2025, it’s clear that technology will remain a driving force in shaping the future of financial advice. I’m sure the coming year will see further advances as firms seek digital solutions and AI-driven tools that support positive outcomes for clients while helping to meet the high standards set by the regulator. Used effectively, the efficiencies delivered by technological innovation will serve to enhance the human aspects of advice most valued by clients. Now that’s a Christmas present worth having.
This article was first published in Professional Adviser on 18 December. Please find a link to the original piece here.