There’s a lot of rubbish being posted online about AI in advice right now. Recent Money Marketing articles make oblique references to ‘best of breed’ AI software and ‘integrated systems’.
Some are prophesising an impending divide between the progressive technologists in our profession (them) and those of us who are still figuring it out.
I read these proclamations with a mixture of interest and concern. Will my little advice business be wiped out by a wave of PE-funded AI innovation? I scour the financial press for detail; what exactly is this doomsday machine they speak of?
The reality is rather disappointing. Scratch beneath the surface and even the most vocal futurists will sheepishly admit that, in practice, their AI integration currently amounts to little more than a notetaking widget on Zoom. Helpful, but hardly a game changer.
So, here’s my naïve take on the AI challenge facing the average advice firm, and how to navigate the bluster.
Beta blockers
Currently, the two biggest blockers to meaningful AI adoption are cost and worries about the time it takes to integrate into existing systems. In a profession with limited capacity, resistance to this learning curve is understandable but it’s keeping firms stuck in the ‘interested’ phase.
The real opportunity lies in using AI to enhance your current processes, not replace them
But using AI shouldn’t mean reinventing the wheel. Nor is it just another bolt-on software program to add to your ever-growing tech stack. It’s a tool – and like any good tool, it should fit naturally around what you already do. The real opportunity lies in using AI to enhance your current processes, not replace them.
Excel on steroids
The best analogy I can think of is Excel. Its ubiquity comes from adaptability and the ability to work with other applications.
In my first job, for example, I ran a mail merge that fed data into standardised Word report templates – saving countless hours and ensuring consistent output. It worked, but had limits: strict data conventions, formatting quirks and sometimes complex formulas or code.
Among other things, AI can generate reports from multiple data sources seamlessly, without the snags, rigid rules or coding Excel required. Just as Excel made repetitive tasks easier, AI can handle reporting, analysis and drafting almost instantly – freeing you to focus on what really matters, like client relationships and advice quality.
Start small
For most advice firms, the best starting point with AI isn’t grand strategy or large-scale automation projects. It’s about identifying small, everyday tasks that distract from client-facing work.
As exciting as AI is, it’s important to stay focused on what you actually want to achieve
Repeatable tasks like drafting client emails, writing reports and yes, summarising meeting notes – these are all tasks AI can handle today, without deep technical integration.
But just as important are the ad-hoc tasks that can slow you up, such as sense checking a Tapered Annual Allowance calculation or reviewing pension sharing rules on divorce. You don’t need to change your CRM or data flows; you can simply use AI where it adds the most value.
Choosing the right AI partner
The last few years have seen a proliferation of advisory AI solutions, which can be intimidating when you’re still learning the technology. The sheer choice is another reason many advisers end up doing nothing.
As exciting as AI is, it’s important to stay focused on what you actually want to achieve. My priorities are data security, flexibility and cost.
Dan Wiltshire: How a bumbling demeanour can help win over clients
I’ve recently started using WealthSpace, developed by Max Anderson, someone who’s actually been an adviser. This distinction matters; many of us are fed up of being told how to “do advice better” by people who’ve never sat in front of a client.
I’m not interested in re-engineering my workflow based on CPM principles; I just want to make my day a little easier so I can get back to my wife and kids before bath time without any major disasters.
WealthSpace offers flexibility and keeps advisers in control. Support is there if you need it, but you can adapt firm-specific elements like report templates at your own pace, within an AI framework built for advice businesses.
Crucially, there’s a privacy layer that strips out personal and client information before anything is shared externally.
At less than £100 a month, it’s not just a useful platform in its own right – it’s also an affordable way to learn how this new technology works.
AI hasn’t yet boosted my business capacity significantly, but with some refinement, it could
For me, it’s as much about futureproofing as productivity. Understanding AI now means staying on the front foot as it inevitably shapes our industry in the years ahead.
AI hasn’t yet boosted my business capacity significantly, but with some refinement, it could. By starting small, targeting tasks that add real value, and choosing tools that fit naturally around existing processes, AI can be genuinely useful.
A more honest debate within the profession about where we are and what’s realistic might encourage more advisers to actually use AI instead of just reading about it online.
Dan Wiltshire is an independent financial planner at Wiltshire Wealth
