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

Marloo adds Morningstar research and data to AI platform

Marloo adds Morningstar research and data to AI platform

Available to UK adviser users

Sophia Panayi
clock 02 September 2026 • 1 min read
How smaller advice firms can make the most of AI

How smaller advice firms can make the most of AI

Hardy Michel and Alan Parr unpack the changing technological landscape

Professional Adviser
clock 28 August 2026 • 1 min read
Rethinking how adviser technology is priced

Rethinking how adviser technology is priced

'Per-user pricing isn't obsolete, but there should be an alternative'

Uday Nimmakayala
clock 28 August 2026 • 5 min read