The report identifies "AdviceTech Stars" – advisers and practices successfully integrating new technologies like AI. A notable 43% of these businesses are using AI for client reviews, and 26% for crafting initial client plans. This marks a transformative shift in the advice sector towards technological adoption and process efficiency.
Moreover, cash flow modelling is experiencing a technological revolution with 52% of firms automating this process to some extent, alongside 27% automating end-of-financial-year and tax strategy planning. Data-driven approaches are notably improving onboarding processes, streamlining data flow into CRM platforms and reducing manual data entry.
This tech-centric evolution extends to personalised client reporting. Integrated tools now enable rapid report generation, replacing the manual compilation of data. According to Netwealth, 72% of practices have partially automated portfolio performance systems, highlighting a substantial industry shift towards efficiency and scalable personalised service.
AI’s role in transforming raw data into tailored insights is increasingly recognised, with industry leaders advocating its adoption. Experts like Ben Marshan of Marshan Consulting argue that practices leveraging AI are operating with greater efficiency, setting themselves apart from peers.
The move towards data-driven systems marks a pivotal progression for financial advisers, enhancing both client satisfaction and strategic decision-making capabilities. Financial professionals now focus more on client relationships and strategic advice, tapping into the power of technology to better serve their clientele.
