3 ways generative AI could boost your financial advisors today

Written on
byKim Grant-Thomson

It wasn’t so long ago that the thought of receiving financial–or any–advice from a machine would feel like something from a film, and likely heavily caveated with warnings about the robot uprising (we’re looking at you I, Robot/Terminator). Yet 2023 has seen us embrace advanced AI (Artificial Intelligence) technology like never before. 

 

It can be difficult to know how to adopt these new technologies into our everyday lives. There are so many discussions about the positives and the negatives, so many different AI options to choose from, that taking that first step into an AI-supported world can be a daunting task.

 

Luckily, that’s where we step in.

 

What is generative AI in financial services?

Let’s take a further step back. What is generative AI? Generative AI is software that was designed to create new content, rather than simply analysing the data we already have. In financial services (FS), this programming can be used to keep our advisors fully compliant with regulations such as Consumer Duty or to complete administrative tasks. 

 

We have utilised our AI technology, creating Aveni Assist. Aveni’s AI system has learned through the processing of large quantities of applicable data to produce useful insights, to capture and record vital information and to automate time-consuming tasks, reducing man hours to man minutes.

 

So what would a FS adviser’s day look like, if it was being augmented by AI?

 

1. No more repetitive or time-consuming tasks

We may be repeating ourselves, but using generative AI to automate low-value, tedious tasks is one of the simplest ways to introduce it into your workday and see clear results. 

 

Think about what consumes most of your day. Is it the time spent connecting with your clients? It’s more likely to be the administrative challenges that come along with those calls; the relevant notes taken during conversations, the thank-you and follow up emails that reiterate the important details you’ve discussed.

 

Wouldn’t it be better if a computer could do that for you? Of course it would. And those automated systems have the added benefit of consuming 100% of the calls you make and drawing all of the relevant information from them. This data will be supported with evidence from the call and formatted in a way that can be sent to your client or stored within your CRM, all at the click of a button.

 

2. 100% of your call data analysed

How many client calls do you take a day? And how much of this information are you able to process before, after, and during your call? With systems like Aveni Assist in place, you have the freedom to focus on your call, on your client, safe in the knowledge that there is a system supporting you behind the scenes. 

 

Are you compliant? Have you missed a customer vulnerability? Are you offering an outstanding service? An AI assistant can identify all of these things for you, not only your areas for improvement, but those singular moments that set you apart in the eyes of your clients. 

 

Having an AI system behind you doesn’t mean that you’re losing the human touch. It means that you’ve invested in something that allows you to offer more.

3. More time to focus on what matters the most: your clients

 

However you implement AI into your workday, there’s one undeniable bonus: you will have more time to connect with your clients. There is no industry that requires trust between advisor and advisee quite like FS, so ensuring that you can provide the time, care and due diligence is an important way to set yourself apart and build strong, lasting relationships within your business. 

 

Clients themselves don’t always know how to properly report changes in their circumstances or what support they need. Isn’t it why they’re coming to an expert in the first place?

 

Utilising the data provided will help you better understand their situation. Human memory isn’t perfect, but an AI assistant that is working with the intention of seeking out customer vulnerabilities or circumstance changes and that can back its findings up with logged evidence means that you have the tools in place to fully support your client, whatever their situation. 

 

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