Joseph Twigg, CEO of Aveni, and Jeff Lange, CEO of TFAS Group sat down together last week to talk about the use of AI in remote advisory services to Bridge the Financial Advice Gap.
With up to 40% of banking customers now opting for remote solutions, they explored the rapid rise of remote financial advisory services and looked at how AI-driven tools are transforming the advisory landscape, providing practical strategies for reaching more clients, improving compliance, and maintaining high service standards—all while addressing the UK’s financial advice gap.
“Technology is evolving in a way that provides a genuine opportunity for the advice gap to be filled.”
Joseph Twigg
emphasising how AI can bridge the gap in financial advice
1. Addressing the Advice Gap: The financial advice gap in the UK involves 12-13 million adults who need but don’t take financial advice. This gap represents a significant market opportunity, with 250 billion pounds in assets available for simplified or targeted advice.
2. AI as a Game Changer: AI technology is evolving rapidly and is seen as key to filling the advice gap. Automation can help advisory firms increase efficiency, allowing them to serve more clients without compromising on quality.
3. Remote Advisory Services: Remote advice, especially through video conferencing, has proven effective across all client demographics, including high-net-worth individuals. Many clients prefer the convenience and flexibility of remote services, reducing operational costs and environmental impact.
4. Cost Efficiency: For firms to serve lower-value clients effectively, they must reduce operational costs through technology, particularly by using AI for tasks such as documentation, CRM integration, and compliance automation.
5. Trust and Relationship Building: Despite technological advancements, the role of financial advisors remains centred on building trust and relationships. Advisors are still crucial in providing personal, tailored advice, even in a tech-enabled world.
“Much of the apprehension around remote advice was actually in our own minds. Clients, even those with substantial assets, are comfortable engaging remotely.”
Jeff Lang
explaining how firms’ internal doubts about remote advice were misplaced.
6. Scalability Through Technology: Firms like Tfas are using AI to automate compliance and oversight, enabling them to scale without proportionally increasing compliance teams. This technology ensures that all advice is high-quality, accurate, and compliant.
7. Consumer Demand for Financial Advice: There is increasing demand for financial advice, particularly from younger consumers who are more likely to search for advisors online. Firms need to cater to this growing digital-first customer base.
8. AI-Driven Compliance: AI can assist in compliance by automating the review of documentation and client interactions, ensuring regulatory requirements are met more efficiently and reducing the need for large compliance teams.
9. Advisors’ Role in a Digital World: While technology handles much of the manual workload, financial advisors still play an essential role in guiding clients through life-changing decisions, particularly in complex areas like retirement planning.
10. AI for Client Acquisition: AI is increasingly being used to streamline the client acquisition process. Firms can use data and AI to predict when consumers are ready for advice, improving efficiency in finding and onboarding new clients.
“If you don’t have evidence of something, it doesn’t exist. You need to have systems that automatically capture and verify everything, from client conversations to compliance checks.”
Joseph Twigg
on the growing regulatory focus on evidence-based advisory services.
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Explore how AI-driven solutions are transforming remote financial advisory services. Discover how AI can help document, monitor, and verify interactions to ensure compliance while enhancing adviser efficiency and improving customer satisfaction.
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