As the financial services/financial advice sector continues to leverage the value of artificial intelligence in new ways, we’re keen to check in with you as to whether AI is actually making a difference to the profitability of your advice business.
There are multiple elements that can and do contribute towards cost savings and efficiency gains in any business, large or small, such as use of other new technologies, process changes, pooling resources and outsourcing practises to name a few.
For the purpose of this poll, however, we’re narrowing the focus to AI. This week, we’ve reported the latest partnership between AI and the sector which has seen NEOS teaming up with AI firm Marloo, where the combination of Marloo’s AI-driven adviser workflow technology with NEOS’s platform offer is intended “…to help advisers assess client protection needs faster and easier” (see: NEOS Announces AI Pricing Partnership).
Is your practice more profitable now as a result of embracing AI-based technology…
While we will monitor and report the impact of this latest initiative, we wonder whether you have now had enough time to determine the overall bottom line impact of whatever AI resources you use in your own business. Is your practice more profitable now as a result of embracing AI-based technology, whether that technology relates to your advice processes or your back office tasks or new client prospecting to name a few? Is it too early to tell?
Use of AI today and probably more so in future may also lead to new or expanded advice value-adds such as AI-powered platform offers which make estate planning services more achievable for many advice businesses. For the time-being, however, let us know whether AI-powered technology efficiencies have already been a game-changer for you and your advice business.
Tell us what you think and we’ll report back next week…
