When I wrote a piece for Money Marketing about technology in financial planning just over a year ago, I could not have envisaged how quickly artificial intelligence (AI), with its new applications and enhanced technology, has come to dominate the conversations of advisers and the headlines.
In financial planning, we can see already that it is more than hype — it’s changing how advisers work.
But I believe the fundamental point remains: technology supports and adds, rather than removes, the need for the all-important human relationships built by advisers. In essence, AI won’t replace advisers, but advisers who learn to use it effectively will undoubtedly outperform those who don’t.
We’ve already seen first-hand how technology can simplify the advice journey, strengthen compliance and, most importantly, give advisers back the time to do what they do best: building their relationships with clients.
It’s important for advisers to make sure they can make the most of AI as the profession embraces change
With any new technological development, there is always intense debate between those who dismiss it as a passing fad or are perhaps a little scared of the potential threat they perceive, and those that embrace it wholeheartedly and make it work for them.
AI is definitely one of those polarising subjects. However, it’s important for advisers to make sure they can make the most of it as the profession embraces change.
Efficiency is not optional
It’s not the first time we’ve been through radical adjustments. We’ve weathered and thrived through the ‘digitisation’ stage, as we move away from everything on paper and opt for screens, apps and video meetings to connect and communicate.
Further transformation now means systems that talk to each other, so advisers aren’t stuck rekeying data or bouncing between platforms. It’s about freeing up hours of wasted time, so advisers can spend more of their day where it adds value — with clients.
Having the right frameworks, policy documents and guidance mean that advisers get quick, accurate answers with clear sources
It also means acknowledging the many ways clients increasingly want to interact with their adviser, so the adviser needs to be as comfortable with the technology as the clients.
AI in action
One of the most tangible examples of such technology in action that I’ve seen is SJP’s Advice Assistant. What once took two or three hours of preparation now takes as little as 15 minutes. From fact find through to recommendations and documentation, the system streamlines the whole process.
Crucially, this isn’t a generic off-the-shelf AI tool. It’s been built in partnership with compliance, policy and technical experts, meaning advisers can trust it while still applying their professional judgment. It’s designed to save time and raise quality.
Safe adoption matters
However, we’ve all heard a lot about the risks of using consumer-grade AI tools, with stories of hallucinations – where the tool can generate wildly wrong, and wrongly wild, information – as well as data issues and compliance blind spots. Advisers often feel uncertain — they know AI matters but aren’t sure how to use it safely.
This is where developing the ecosystem approach comes in, investing in AI trained only on trusted content. Having the right frameworks, policy documents and guidance mean that advisers get quick, accurate answers with clear sources. That balance of innovation and reassurance is critical if AI is to be embedded confidently in advice businesses.
It’s not simply about speed. Embedding best practice at every step helps ensure consistent advice quality
Advisers I speak to weigh up the potential benefits of AI but remain concerned about risk, complexity, or wasted investment. That’s understandable. The key is that a well-designed ecosystem is one where advisers don’t need to be tech experts; where the heavy lifting should already be done.
Ideally, it should be a plug-and-play system, backed by teams that stress-test the tools, monitor regulatory change and refine the process. This lets advisers enjoy the benefits without having to manage the tools, and the risks, themselves.
More time, better outcomes
The real prize is the time it gives back to advisers. Automating documentation, transcribing meetings and integrating client data directly into systems means financial planners can focus on conversations, not compliance checklists.
It’s not simply about speed. Embedding best practice at every step helps ensure consistent advice quality, which protects client outcomes, supports adviser income and even strengthens the long-term value of a practice.
It’s clear that the advisers who are likely to thrive in the years ahead will be those who see AI as another everyday part of their professional toolkit.
Andy Payne is director of advice support at St James’s Place
