{"id":81679,"date":"2026-04-20T10:10:26","date_gmt":"2026-04-20T00:10:26","guid":{"rendered":"https:\/\/riskinfo.com.au\/news\/?p=81679"},"modified":"2026-04-23T10:41:25","modified_gmt":"2026-04-23T00:41:25","slug":"advisers-urged-to-road-test-ai","status":"publish","type":"post","link":"https:\/\/riskinfo.com.au\/news\/2026\/04\/20\/advisers-urged-to-road-test-ai\/","title":{"rendered":"Advisers Urged to Road Test AI"},"content":{"rendered":"

Financial advisers could cut the cost of producing Statements of Advice (SOAs) by up to half by embedding artificial intelligence into their workflows, according to three fintech founders demonstrating a range of new tools at Riskinfocus 26<\/a>.<\/p>\n

While the technology promises to turn long manual processes into something completed in minutes, panellists cautioned that adoption comes with new operational, compliance and governance risks that practices must actively manage.<\/p>\n

During a panel presentation moderated by iExtend CEO, David Sarkis<\/strong>, Co-founder and CTO, Paradino<\/a>, Josh Ratnarajah<\/strong>, said early adopters are already seeing meaningful cost reductions.<\/p>\n

…firms …have \u201calready shaved off at least 30%\u201d of SoA production costs<\/p><\/blockquote>\n

He estimated firms using AI in their advice process have \u201calready shaved off at least 30%\u201d of SoA production costs, with potential savings rising toward 50% as capabilities improve.<\/p>\n

Ratnarajah noted the key driver is not just automation, but removing friction, particularly the \u201chandoff between lots of different people and the miscommunication\u201d that adds time and cost.<\/p>\n

Over time, Ratnarajah said, advice workflows are likely to mirror trends seen in software development, where humans increasingly shift from doing tasks to supervising, planning, and validating AI-generated outputs.<\/p>\n

Despite the efficiency gains, uptake is not purely a technology issue.<\/p>\n

\"\"<\/a>
AI session moderator and iExtend CEO, David Sarkis, at Riskinfocus 26 in Melbourne.<\/figcaption><\/figure>\n

Shakeel Lala<\/strong>, CEO, Marloo<\/a>, said one of the biggest barriers is psychological, with advisers conditioned by legacy systems requiring heavy compliance and procurement sign-off before use.<\/p>\n

\u201cThat era is over,\u201d he suggested, arguing modern tools should be able to be tested \u201cin a couple of minutes\u201d.<\/p>\n

He urged advisers to take a more hands-on role in evaluating tools, rather than leaving decisions solely to compliance or management.<\/p>\n

\u201cYou\u2019re the end user touching the tool,\u201d he said, noting that direct experience helps ensure technology actually fits adviser workflows.<\/p>\n

Data security remains a central concern for advice practices handling sensitive client information.<\/p>\n

…Think holistically about the change you want to introduce<\/p><\/blockquote>\n

However, Ratnarajah argued AI tools should not be viewed as inherently riskier than other software providers.<\/p>\n

Instead, he said advisers should apply standard due diligence:<\/p>\n