Ilana Miller, investment development director at Royal London
Consumer Duty requires advice firms to focus on delivering and evidencing good client outcomes. The new rules have set higher expectations around the standard of care firms give their clients – and, paired with outsourcing, AI could be the ideal technology to help firms meet this standard.
"It's not a coincidence that we are seeing more financial professionals move away from their value being wrapped up in the complexity of the investment solution and instead putting more emphasis on to goal setting, the financial plan and ongoing services," says Ilana Miller, investment development director at Royal London. "A growing number are choosing to simplify their centralised investment proposition by outsourcing to model portfolios to spend their time where it is has most value and impact."
In addition to outsourcing, Miller suggests AI can help answer complex questions quickly, improve client personalisation and allow advisers to be available 24/7 via chatbots.
To find out more about AI solutions to help meet Consumer Duty requirements, access the new Spotlight guide from Professional Adviser, produced in association with Royal London.
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