Is 2024 the year of the AI assisted advice and planning firm?

Developing an AI strategy to manage risk and empower growth

clock • 6 min read

Chris Davies delves into the opportunities and risks linked to adopting generative AI and explores how curious advice firms can structure a strategic implementation plan...

With last year's explosion in generative artificial intelligence (AI) development and service offerings, there is no doubt this year should see some serious adoption for large language models and machine learning (MI) in the retail investment advice market and financial planning profession. I say should, because, I currently do not believe many firms actually know how or have a strategic plan to adopt AI across their products and services and legacy technologies and service providers (compliance, platforms, fund manager, advice firms) suffer from old infrastructure and poor-quality data ...

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

Why firms need a people-first approach to being tech-forward

Why firms need a people-first approach to being tech-forward

'Important that firms don't develop tunnel vision'

Tim Gillman
clock 07 June 2024 • 4 min read
Advisers told AI benefits will be reliant on their proactive engagement

Advisers told AI benefits will be reliant on their proactive engagement

‘This is now about the evolution to a full advice solution’

Hope Coumbe
clock 04 June 2024 • 2 min read
DIY or D2C: Is it all the same or do advisers know better?

DIY or D2C: Is it all the same or do advisers know better?

Some firms are beginning to embrace robo-advice to nurture younger clients

Darren Winfield
clock 31 May 2024 • 4 min read