The Real Power of AI for Financial Advisers is About Much More Than Just Suitability Reports

There's a growing buzz around AI in the financial advice community, sparking curiosity and interest among advisers.

Many see the potential for AI to transform their businesses, and understandably the idea of automating tasks like writing Suitability Reports seems like an exciting step forward. These applications are practical and valuable, and AI is already helping advisers streamline their back-office operations.

However, while these developments are important, they only scratch the surface of AI's potential. For forward-thinking advisers, the real prize lies not just in improving existing processes but in exploring entirely new ways to meet the evolving needs of today’s consumers.

The real prize with AI isn't just automating the tasks we’re already doing; it’s about enabling us to do things we couldn’t easily do before. It’s about meeting the changing needs of today's consumer and giving the so-called mass market access to the expertise of qualified financial advisers in ways that were previously unthinkable.

Moving beyond traditional advice models

Since the onset of COVID, we’ve seen a significant shift in how consumers seek and receive financial advice.

Many people now realise that face-to-face meetings with an adviser are no longer a necessity. For most, the first port of call for financial advice or information is the internet – whether that’s through a simple Google search, a blog post, an article, a podcast or perhaps a video. This wide array of options means that advisers need to stand out in the crowded digital space and actively capture consumer attention.

More importantly, this shift opens up new avenues for providing services that don’t require one-on-one interactions. This is where the true power of AI comes into play. AI isn't just about improving back-office efficiency; it’s about opening the door to new, innovative services that can revolutionise how advisers work and how clients engage with financial advice.

With AI, advisers can significantly scale their reach without a proportional increase in workload. For instance, an AI-driven tool such as an AI clone, allows you to engage with a much larger audience, answering questions, providing insights and generating leads around the clock. This scalability means that advisers can cater to the mass market, offering financial expertise to those who may not have had access before.

By leveraging AI, you can expand your services far beyond the limitations of traditional, one-on-one client interactions, creating new revenue streams and building a more inclusive financial advice practice.

What forward-thinking advisers see as the real potential of AI

The forward-thinking advisers I’ve been speaking to are already drawing up plans to embrace this new world.

They see AI not as a tool for simply doing what they've always done more efficiently, but as a means to offer brand-new services that cater directly to the modern consumer’s habits and preferences.

Here’s what AI enables that is really exciting:

1. Educational Courses: With AI, advisers can create self-paced, on-demand educational courses tailored to different client segments. Imagine offering a comprehensive 'Financial Planning 101' course to younger clients looking to get their finances in order or an 'Investing for Retirement' series for those nearing retirement. These courses can be developed quickly, branded in the adviser’s voice and even priced as a premium product, creating a new revenue stream.
2. Premium Newsletters: AI makes it easier to curate and produce high-quality, chargeable newsletters that go beyond standard market updates. A well-crafted newsletter can include personalised information, insights into market trends and actionable steps that clients can take. It’s a way to maintain engagement with a wider audience and offer something of real value, all while generating recurring income.
3. Private Communities: Advisers can leverage AI to build and manage private communities where clients and prospects can ask questions, share experiences and learn from both the adviser and each other. These communities can be built around specific themes or life stages, such as 'Investing for New Parents' or 'Maximising Your Pension.’ This not only creates a unique client experience but also positions the adviser as a thought leader within his or her niche.
4. Niche-Specific Financial Education Portals: AI enables advisers to create tailored educational portals designed for specific niches such as dentists, first-time homebuyers or perhaps business owners. These portals can feature a blend of articles, videos, interactive tools and personalised guidance, all customised to address the unique financial challenges and opportunities of each group. With content to suit each group's needs and interests, advisers can provide a highly relevant educational experience, positioning themselves as experts in niche markets and building deeper client relationships.
5. AI Coaching: The most forward-thinking advisers are exploring the concept of creating AI clones – digital versions of themselves that can engage in one-to-one coaching with clients. Imagine a client visiting your website and interacting with an AI clone that reflects your expertise, style and tone. It can provide answers to common questions, discuss financial strategies and even guide clients through complex topics. It’s like having an adviser available 24/7, providing guidance whenever the client needs it.

A new era of advice and education delivery

The reality is that consumers now have more choice than ever before when it comes to finding financial advice.

To stand out, advisers must offer something different – something more aligned with how people want to consume information and services today. AI gives us the tools to do just that, enabling us to build new propositions that extend far beyond traditional one-to-one meetings.

Yes, AI for back-office admin and compliance will soon be the norm. It’s essential and will save advisers countless hours of tedious work. But the advisers who see the true potential of AI are those looking ahead to how it can help them redefine their value proposition, engage clients in new ways and create products and services that cater to the evolving expectations of the market.

This is where the real excitement lies.

With AI, advisers can quickly build and launch entirely new offerings – from online courses to personalised coaching with AI clones – that make financial advice more accessible and tailored to today’s digital-first consumers.

So, while it's perfectly understandable to be excited about AI helping with Suitability Reports, let's not lose sight of the bigger opportunity. The true prize lies in using AI to innovate and deliver new, engaging and accessible services that meet the evolving needs of consumers – and in doing so, reach a broader market than ever before.

The future of financial advice is about more than efficiency; it's about transformation.