How your financial planner is using AI to deliver smarter, more personalised advice

Not so long ago, artificial intelligence (AI) was the stuff of science fiction films and academic research; now, it’s everywhere. From smart assistants in the home to wearable fitness trackers, many of us rely increasingly on this sophisticated technology to make our lives easier and more enjoyable.

Such rapid and significant change might feel unsettling, and it’s natural to resist it at first.

However, used carefully, AI can be a powerful tool that offers many advantages, such as convenience, efficiency, accuracy, and much more.

That’s why, at Francis Clark Financial Planning, we’re embracing this advanced technology to help us develop and improve the support we offer. Read on to find out why and how we’re using AI to deliver more personalised advice and learn about the benefits for you.

How AI is changing financial advice and why we’re using it

According to a 2024 survey by the Bank of England and the Financial Conduct Authority (FCA), 75% of UK financial firms are now using AI, with a further 10% planning to implement it by 2027. Moreover, research by Dynamic Planner reveals that 94% of financial advisers believe AI will have a positive impact on the profession.

Perhaps unsurprisingly, then, the FCA, which regulates financial services in the UK, is actively encouraging and supporting the use of AI by financial institutions.

That’s why we’re taking the initiative by using this exciting technology to improve the support we offer you.

Also, in our recent annual client surveys, you told us that you’d like:

• Faster responses to your queries
• More ways of getting in touch with your adviser
• More frequent and proactive updates and advice
• Key documents to be more accurate, clear and accessible
• A clearer explanation of the next steps after meetings with your financial planner.

We’ve taken your feedback on board and completed a thorough review of our systems and processes.

AI tools play an important role in our broader plans for developing the technology we use to better support – not replace – the work our financial planners do (keep your eye out for updates on a new client portal that will launch later in the year).

Of course, we appreciate that adapting to new processes and systems is a learning curve for everyone, and there may be a few bumps and frustrations along the way. However, we feel the benefits that AI can offer our clients far outweigh the minor teething problems that may arise in the short term.

3 ways AI is helping your financial planner to better support you

We have a large, experienced and highly skilled team of IT experts at Francis Clark Financial Planning that completes a rigorous review of every piece of software or AI tool and must sign off on its use before we implement it. This process takes months and ensures we fully understand how data will be used and stored securely.

Here’s why and how we’re using these carefully selected technologies to support you:

1. Be fully present and spend more time with you

This is our main reason for adopting AI: to allow us to focus fully on you.

Previously, your financial planner had to split their attention between listening and responding to you and taking notes. They might then spend considerable time after your meeting writing up these notes and ensuring that all the details included are correct, which can create a delay in dealing with your requests.

In contrast, we now use an AI notetaker that creates a detailed and accurate record of discussions with clients. This means your financial planner can be completely present in their meetings with you. What’s more, spending less time on notetaking allows them to prioritise communicating and interacting with you.

We’re also automating administrative tasks more broadly, freeing up more time for our skilled financial planners to provide the advice and guidance you need.

2. Maintain competitive fees (through greater efficiency)

As well as improving your experience, AI can also help us keep fees competitive by improving efficiency across the business.

For example, automation means financial planners spend less time on repetitive administrative tasks, allowing them to focus on work that requires their skills, expertise and (human) insight.

By using AI to bolster operational efficiency in such ways, we’ve been able to absorb rising costs and maintain stable, competitive fees, while many firms have introduced higher charges.

3. Prioritise what matters to you (more personalised advice)

Having AI take care of the notetaking in meetings ensures that every detail is captured and gives your financial planner the freedom to focus on understanding what matters most to you.

This helps us tailor advice to your specific circumstances and goals.

What’s more, this rapidly advancing technology can pick up on subtle cues that suggest potential vulnerabilities, such as health-related needs or low financial confidence. With these insights, your financial planner can ensure you have access to the support and resources you need to make informed decisions about your wealth.

We’re also exploring how we can use AI to support the creation of suitability reports – the detailed documents that explain our recommendations for you. According to IFA Magazine, financial professionals spend around 10 to 15 hours a week creating these documents.

While we’re still looking at how best to use AI in this way, we believe that it could allow us to create more personalised reports, achieve faster turnaround times, and spend more time answering your questions about our recommendations.

How we keep your data safe

We know that data security is a top concern for many of you when it comes to AI.

Here’s how we keep your data safe:

• There’s no physical recording of meetings; they are transcribed only.
• Transcriptions are processed, encrypted, and stored securely, with access strictly limited to essential staff.
• Unlike the AI you might use in your personal life, our AI tools do not use client meeting data for training its model or any other model. Also, your data is never shared with any third parties to ensure it’s kept secure.
• When a client record is deleted from the system, all associated data is permanently deleted
• You’ll be informed at the start of a meeting that the note taker is present, and it’s up to you whether you give consent for this.

Please note

This article is for general information only and does not constitute advice. The information is aimed at retail clients only.

All information is correct at the time of writing and is subject to change in the future.