A new report has suggested that AI could triple the valuation of IFA businesses with Money Marketing majoring on it in its coverage.
A whitepaper from AdvisoryAI entitled 'From Paperwork to People Work', argues that the real prize lies not in efficiency alone, but in how AI reshapes economics and expands access to advice.
It includes assessments from consultancy Jigsaw Tree’s process audits shows AI-enabled workflows can cut suitability report times by 65% and annual review times by nearly 60 per cent.
Another consultancy, the Flower Group calculates that doubling adviser capacity could translate into a 300% increase in firm valuations.
These are quite remarkable numbers. It does feels as if it could change the culture of advice if advisers are looking after so many more clients.
Meanwhile in FTAdviser, Tony Wilkinson, investment director at Collidr, considers four of the main objections from advisers to adopting AI.
But if the first report is correct, it feels pretty inevitable that advisers will have to embrace AI, because business owners will.
Maybe advisers will help clients help address another problem as Generation X risks becoming worse off than their parents in retirement as FTAdviser reports.
It does show the price a country pays for policy confusion which marked the start of Blair government.
Some advisers will, of course, remember a time when the messages from the FCA were all about cost. No longer or so it seems.
Advice firms cannot rely on charging the lowest fees to meet fair value requirements, Financial Conduct Authority (FCA) head of department for consumer investments Kate Tuckley has warned, speaking at the CISI Financial Planning Conference. Professional Adviser reports.
Fidelity has written to IFAs to remind them of HMRC’s tax-free cash cancellation policy – that there isn’t one, as Citywire New Model Adviser reports.
