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It’s no secret that the financial landscape is changing at an unprecedented pace. Along with this sudden change comes a myriad of next-gen technologies, all promising to optimise, streamline, and scale business practices. That being said, where does one draw the line, and which tools can empower financial advisers? 

Here’s what you need to know. 

Artificial intelligence and the financial sector

AI and next-gen tech are revolutionizing the financial industry. Why? The financial sector’s dense data and communications make it ideal for improvement but also high risk.

Machine learning algorithms now efficiently analyze vast data sets in real-time, providing deeper insights into market trends and risk assessments.

AI tools enable businesses of all sized to streamline operations, enhance customer service, and improve decision-making. They are user-friendly and efficient, making it easy for financial advisers to integrate AI into their practices.

AI-augmented financial planning

As AI tools start to rise, so does the use of ‘robo-advisers.’ Artificial intelligence can analyse a client’s financial data, goals and risk tolerance. In addition, it can take this data and generate personalised recommendations, plans and investment advice. Where does this leave the adviser? Simply put, with a whole lot of time to focus on more strategic, value-driven tasks. 

By leveraging real-time analysis and insights, advisers deepen their client relationships and provide more intentional and time-sensitive advice. The best advisors will begin offering advice on more than just a portfolio but also an individual’s financial picture holistically, whether that’s budgeting, buying a house, or many of life’s other financial decisions. This highlights the irreplaceable value of human expertise in the face of AI.

Automated compliance and risk management 

Information security, data privacy, regulatory compliance and risk management have all become fundamental aspects of running a successful business and fortifying your future (for business leaders and clients alike). Historically, this almost always came at the cost of your resources and capacity. 

Even then, things were quick to change, prone to error, and highly susceptible to vulnerabilities and compliance exposure. Now, although the time-consuming nature of catching up with compliance and the consistency required for effective risk management hasn’t changed, automation tools now take the sole burden off the shoulders of financial advisers. AI can help advisors stay on top of regulatory changes, monitor accounts for suspicious activity, and ensure compliance with industry rules. This reduces the administrative burden and risk exposure for the advisor and firm, enhancing business sustainability and client trust.

Streamline manual tasks

In a competitive landscape, financial advisers can no longer afford to be caught up in labour-intensive manual tasks that bring no real strategic value. One example of this is the time-consuming nature of managing, tracking, splitting, and analysing Financial Adviser revenue. However, with the right tool, IFAs can bypass these tasks entirely and capture and collate all their commission and fee statements on auto-pilot. 

This process, which used to take hours or even days, can now be done in a matter of minutes, freeing up valuable time for more strategic tasks.

How exactly? Cue Commspace

One beautiful platform designed for financial advisers

At Commspace, we understand that running a business is a full-time job. That’s why we provide one solution that combines multiple features to help financial advisers scale operations and fortify their future with the ultimate solution for managing and analysing Financial Adviser revenue.

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