Financial advice firms are not utilising artificial intelligence (AI) enough, according to Independent Wealth Planners (IWP) chief information officer Paul Miller.
Speaking at the Financial Technology Research Centre's (FTRC) Empowering Advice Through Technology 2024 conference today (18 January), Miller said that while numerous AI tools are in development their practical use in financial planning remained limited. Miller also highlighted the importance of maintaining a human-centric approach to financial advisory services. However, he commented that AI could potentially reduce a paraplanner's workload by 80% - presenting a significant efficiency boost in that area of advice. However, the chief information officer added that substantial effort w...
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