Advisers urged to 'step out of comfort zone' and adopt technology

Advice firms can expect to be ‘further impacted by AI in the next five years’

Sahar Nazir
clock • 1 min read

Financial advisers should “step out of their comfort zones” and apply artificial intelligence (AI) in their advice process, Financial Technology Research Centre (FTRC) chief executive and founder Ian McKenna has said.

Speaking to Professional Adviser, McKenna stressed the importance of due diligence and understanding the outcomes of these systems, highlighting the Financial Conduct Authority's (FCA) stance on using systems that are not comprehended by advice firms. He said it can be challenging for advisers to keep up with regulation when incorporating AI into their business, but "technology should be the core part of continuous professional development" in the industry. McKenna explained that the majority of technology implementations in advice businesses disappoint because they are not prepared f...

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