IFAs underutilising AI in advice process despite developments

Will take ‘substantial effort’ to clean client data before feeding into AI

Sahar Nazir
clock • 1 min read

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...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Technology

FCA reveals first group of financial firms to take part in AI testing

FCA reveals first group of financial firms to take part in AI testing

To deploy ‘safe and responsible’ AI

Cristian Angeloni
clock 03 December 2025 • 1 min read
Providers have 'clear role' to help advice firms with AI governance support

Providers have 'clear role' to help advice firms with AI governance support

Less than 5% of advisers have a full AI policy

Isabel Baxter
clock 02 December 2025 • 3 min read

Fighting financial fraud requires cutting-edge tech – and more besides

'Financial fraud has come a long way since Bruce Wayne's day'

Steve Andrews
clock 28 November 2025 • 4 min read