Less is More: What are the Productivity Must-Haves?

Financial Advisory

27 April 2023

AdvisorsAIClient ExperienceFinancial AdvisoryMeeting of Mindsproductivityremote working

Expert: Ben Wright, Change Squared


  1. Advisers have polarised views on clients filling in their own fact-finds via a client portal
  2. A proactive guide from the regulator about how to use AI in the advice process would help allay these concerns and help to increase profitability across the financial advice space
  3. There was a nervousness about using AI to help advisory business increase productivity. As well as a general lack of knowledge about AI and how to use it, there were also concerns about “black box” algorithms where advisers couldn’t explain how the AI had got to the answer

Discussion points:

Remote versus in office working should be based on preferences. Junior staff can value the support and structure of being in an office where as more experienced staff may prefer the quiet of working from home.

Office space is changing and we are move from work factories to collaborative spaces. Collaborate in the office, work from home.

There were very mixed feelings about getting a client to complete their fact-find themselves using a client portal (or even an administrator completing the fact-find on the adviser’s behalf. Some see it as a way to get better data and more engaged clients. Others think it removes a significant part of the financial planning process, leading to advisers knowing their client less.

Some advisers are starting to experiment with Chat GPT and other AI solutions to speed up their workflow. However, while most are aware of the existence of AI, they have not actively engaged with it.

Key takeaways:

  • There needs to be a balance between efficiency and clients’ experience
  • A too-efficient onboarding process could actually create a poor client experience, so this needs to be monitored when trying to increase productivity
  • Check in regularly with clients to see how they find dealing with the firm