Loading ...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.
Last week we reported that Quotemonster was seeking advisers’ views, through an online survey, on the use of AI to access the firm’s research as part of the advice process.
Russell Hutchinson, Director of Quality Product Research, said the firm will be developing a Model Context Protocol—or MCP—server which, in simple terms, will provide a secure and straightforward way for approved AI tools to access the Quotemonster research available through advisers’ accounts.
Hutchinson had noted a lot of advisers are experimenting with AI tools such as ChatGPT, Claude, Marloo, Microsoft Copilot, Gemini, Grok, and more (see: Connecting Research Tools to Advisers Preferred AI).
Is your practice more profitable now as a result of embracing AI-based technology…
This prompted us to 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…