AI in action: how advisers can go beyond admin tasks and get real benefits from AI

The current state of AI in financial advice 

For advice firms, the pace of change within the industry is hard to keep up with, with larger firms facing pressure to adapt and adopt new AI tools. 

According to a recent Unbiased survey of UK financial advisers on the Unbiased platform, the majority (61%) are not yet using any form of AI in their business.  

Of those who are using AI, most (36%) use it only for basic tasks – administration and back office. Only 7% are using it for sales and prospect nurturing, while just 5% use it for lead generation.  

While current users are low, over half of advisers (56%) believe AI has the potential to support their business in the future. However, admin and back office tasks are the areas advisers see the greatest potential for AI.  

AI has capabilities far beyond basic admin.  

Embracing AI can streamline performance, achieve growth, and boost return on investment (ROI).  For financial advice firms, AI could be revolutionary.  

To avoid missing out on the opportunities AI brings, integrating it across your business is key.  

Speaking about the uptake of AI in the financial advice industry, Matt Cockayne, Chief Revenue Officer at Unbiased, is urging advice firms to engage now to avoid falling behind.   

How AI can supercharge adviser productivity 

While many advisers are already using AI for administrative tasks, the real competitive advantage lies in applying AI strategically across the client's journey.   

• Client personalisation at scale  

AI enables advisers to deliver tailored experiences to every client.   

Machine learning can segment clients based on their behaviour and goals, enabling more relevant communication and service.   

Advisers can also utilise personalised investment recommendations that are generated automatically, adapting to changes in market conditions or client profiles.   

• Predictive analytics for proactive advice  

AI can help advisers anticipate client needs before they arise.   

Real-time market analysis tailored to individual portfolios enables more timely and informed advice.  

Additionally, by analysing financial behaviour and market trends, AI can identify opportunities for retirement planning, tax strategies, or insurance reviews.   

• Enhanced compliance   

AI simplifies compliance by monitoring regulatory changes and automating checks across your business.   

AI can review communications, transactions, and documentation for compliance violations in real time, while also maintaining detailed audit logs to ensure transparency.   

What impact can AI have on your firm?  

Strategic use of AI can drive measurable improvements across your business, from the productivity of your advisers to client experience and revenue growth.   

Here is just a selection of the positive impacts AI can have on your firm:  

• Time savings  

• Cost reductions  

• Improved client retention  

• Increased client acquisition  

• New revenue streams  

How can financial advisers implement AI? 

Implementing new tools in any business can feel like a mammoth task.   

However, by creating a well-thought-out plan and getting key figures in your business on board, the transition can be smoother.   

Here are three tips to help you get started:  

1. Introduce pilot programmes with a clear return on investment (ROI)  

Rather than overhauling your entire tech stack, begin with a focused pilot project that solves a specific pain point.   

Not only does this help ensure minimal disruption, but it also helps minimise risk as you learn how AI fits into your business.   

By incorporating clear success metrics, you can gain internal buy-in by demonstrating tangible benefits.   

2. Partner with AI-savvy companies  

Collaborating with experienced partners can accelerate your AI journey and help avoid common pitfalls.  

Look for partners with financial services expertise and who can offer solutions that provide scalability and support.   

The world of AI is full of flashy features, but you want to embrace AI where it adds value. The right tech partner can make your teams more efficient and your service more personalised.  

3. Focus on data quality  

Just like a financial adviser is only as good as the advice they provide, AI is only as good as the data it learns from.  

Poor data quality or siloed systems can lead to inaccurate insights or compliance risks.  

Focus on cleaning and standardising your data to ensure you’re starting from the best position.   

It’s also important to integrate your tools, such as your CRM system and communication platform, which helps ensure real-time data flow and keeps everything up to date.   

Want to work with Unbiased? 

Unbiased is an AI-enabled financial advice platform, empowering people to make confident financial decisions and delivering unrivalled growth for advice firms.     

Since 2010, Unbiased has generated over $100 billion in AUM opportunities for financial advisers, with 65% of prospects new to advice. Reaching more than 10 million consumers annually, it is the leading source of client demand in the industry.     

Unbiased Pro will help you grow your firm by matching you with suitable clients, delivering them directly to your inbox, and providing you with all the tools you need to convert leads into loyal customers.