Smaller firms might find it hard to make changes to their processes with limited resourcing, but it many cases, this is exactly what makes efficiency improvements so important.
However, according to Complete Wealth financial adviser Dr Ben Neilson, implementing AI solutions that can make a real difference to an advice firm doesn’t have to break the bank.
“I’m a big fan of using stuff for free,” Neilson said at the Adviser Innovation Summit last week.
Drawing from his experience of working with university students to model out AI processes as well as their utilisation at Complete Wealth, he added that “we think that you can do most of the templates and put it internally for about $550 a year”.
Using ChatGPT to “draw up a backbone” and templates, he said they used Moneysmart for modelling and then replace the fees depending on the client service level.
“We preset most of it and managed to formulate, like 95 per cent of the documents,” Neilson said.
“Then ultimately, what you do is ‘this goal is specific for you’. Just copy paste that in, and then once you get that, you say, ‘Read this rationale to make a version of the best interest form.’ So, what the advice does to address that goal and what it doesn’t do.”
He added: “We think you can draw most of the documents almost for free. And then once you do, I think the point of saturation was 55 in a particular scope. You get really good at doing it, so you then know what you need. Then go to your licensee and say, ‘Are we missing anything?’”
Neilson also explained that he submitted “most of the recommendations” to ASIC, which confirmed that the documentation was compliant.
Also speaking on the panel, Marin Wealth managing director Pedro Marin Ramirez said any advisers looking to go down the route of implementing AI in their workflow need to understand their own level of technology literacy.
“You have to be true to yourself,” Marin Ramirez said.
“If this is way beyond your scope, delegate. Get someone else, pay the money. Generally, some investment has to be done.”
He also noted that AI itself can be leveraged to understand how to implement AI, calling it almost like a business coach, but that leaning on other advisers can also be a massive help.
“I started from zero, like one laptop, myself and a desk. So, I started asking peers, that was the best tool I had back then. What are you using?” Marin Ramirez said.
He added: “If you’re starting, lean on your peers, or even if you already have a successful business, lean on your peers in this period.
“Being very honest right now in this cycle, we are all peers. We’re not competitors, because it’s enough business for us to kind of like share information. Ten years from now, this will not be the deal. Maybe less. I might be wrong, but we will be competitors and it will be much harder to lean on your, on your peers for free information.”
Peers are competitors.
AI is certainly being explored in advice firms, however the I think this article risks oversimplifying the reality. A $550/year AI setup might work in isolated cases, but it underplays the hidden costs, from my experience. By that I mean training, quality control, security, and ongoing oversight. And probably more critically, templating 95% of advice documents with AI tools like ChatGPT can introduce serious compliance risks if not rigorously reviewed. Tech literacy is also a major barrier. Many advisers won’t have the capacity to implement and govern these tools properly without support. And finally, while peer collaboration is definitely valuable, relying on informal advice instead of structured guidance or scalable systems could expose firms to inconsistency or liability over time. AI has enormous potential, but only when implemented with governance, caution, and context.