Adviser productivity

Adoption of machine learning and data driven technologies at the heart of human centred advice

2 min read

This is an excerpt from our Human+ whitepaper. Download here for full details about how data driven technologies can power human centred advice.

 

The recent acceleration in digitisation of financial advice combined with advances in Natural Language Processing (NLP) have opened the door to a new paradigm of automation for the advice industry. Currently, this opportunity is little understood, but will play a large part in determining who wins and who loses throughout the next 5-10 years of consolidation in the industry. 

The belief that robo-advice will be the ‘big disruptor’ has waned. Many robo providers failed and robo-advice journeys are largely being integrated into human-centric hybrid models. So how do national advisers, consolidators and partnerships effectively scale with humans at the heart of the advice process? 

When major re-platforming projects complete, manufacturing and distribution is vertically aligned, basic digital fact finds and robo journeys are integrated, the challenge of scaling advice will become apparent. Long tails of ‘low value’, fee generating legacy clients, an increasingly stringent regulator, large central teams dealing with administration, compliance and risk management all driving up cost to serve and driving down valuations. 

When people think of adopting machine learning in financial advice they often think of Artificial Intelligence building a holistic financial plan without any intervention from a human adviser. This can be done with existing technology, but it can’t currently be regulated. 

Machine learning will fundamentally transform human centred advice, automating the inputs and outputs of each step of the advice journey, allowing humans to focus on their strengths; being human and building relationships. 

Data driven automation will allow scale that is out of reach to incumbent operating models, with advisers able to deliver improved service to significantly more clients at the same time as materially reducing the administrative burden with each advice case.

Human+ enables the adoption of machine learning and other data driven technologies at the heart of human centred advice, delivering scalability, operational efficiency and service levels completely out of reach of traditional operating models. 

Find the full details about adopting this approach in this paper.

 

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