The unmet advice needs for a huge swathe of Australians is one of the great challenges of the modern advice era.
As experienced advisers retire or burn out – and too few new recruits step in – firms are grappling with rising workloads and shrinking teams. Amid concern over a “great adviser talent drain”, many see AI and automation as either the saviours or the job stealers.
The reality is more nuanced. Technology isn’t a silver bullet, but rather, it’s a lever. It’s tempting to view AI and automation as panaceas, but the real breakthrough comes when we design technology around people, not the other way around.
True progress comes not from replacing people with machines, but from embedding intuitive tools (AI-powered and others) that amplify the impact of advisers, paraplanners and support staff.
When AI is integrated into human-centred workflows, it frees people from repetitive tasks, giving them more time to focus on high-value client work. This empowers advisers and support teams, boosting morale, productivity, client outcomes and satisfaction – helping to shrink the advice gap and build a smarter, more scalable advice business.
Here’s how:
Better tools, better business performance
This isn’t about “robo” advice. It’s about embedding intuitive, human-centred tools that reduce administrative burden and elevate the client experience – enabling advisers and support teams to focus on what they do best.
Tools like stochastic and optimisation modelling simulate hundreds of “what if” scenarios in seconds, helping advisers make faster, more informed decisions. Intelligent templates pre-fill the right questions and disclosures, while workflow “playbooks” guide teams through repeatable, compliant processes. Smart “portals” provide clients an engaging digital experience, enabling a degree of self-service to supplement human service. These are foundational shifts that streamline and improve the entire advice engine.
The proof is in the numbers. While the industry average is around 97 clients per adviser, some tech-enabled advice firms in our community are serving double, triple or even quadruple that number – without sacrificing quality or compliance. This scale was unthinkable just a few years ago, but the time clawback and efficiency gains are helping to improve several business and service metrics, and it’s also becoming the benchmark for advice businesses using the right tools.
As processes become more efficient, business performance lifts. Advisers gain the capacity to serve more clients without burning out. In turn, the support stalwarts of quality advice – the paraplanners – find the headspace and the confidence to step into higher advice roles, strengthening the internal talent pipeline. And as production friction eases, profit margins improve.
In short, the smartest tech doesn’t replace people – it empowers them. It’s the catalyst for a more scalable, sustainable and human advice model, helping to close the advice gap.
A people-first approach to practice efficiency
It’s not just advisers who benefit from smarter systems – it’s everyone behind the scenes.
Client service officers, paraplanners and operations staff do the heavy lifting to keep practices running, yet they’re often overlooked in transformation efforts. When equipped with intuitive, integrated tools – from real-time collaboration platforms to dynamic modelling software and transparent task tracking – the impact is immediate. Workflows tighten, bottlenecks clear and confidence grows.
Importantly, these tools aren’t developed in isolation. They’re built and refined in close partnership with the people who use them – through structured feedback loops involving paraplanning collectives, operational teams and adviser councils. This ensures system updates reflect the day-to-day needs of real users, not just top-down assumptions.
The result? More paraplanners stepping into strategic roles. More client service staff confidently managing client engagement. More team members aspiring to become licensed advisers. These are signs of real cultural shift – not from external hiring drives, but from nurturing the talent already embedded in advice businesses.
A virtuous cycle of professional growth
Magic happens when efficiency gains spark a compounding cycle of talent development.
As support teams build confidence and capability, firms can promote from within and retain valuable institutional knowledge. Paraplanners and client service officers see clear pathways to adviser roles, supported by tools, mentorship and meaningful development opportunities along the way.
This internal progression doesn’t just benefit individuals – it strengthens the entire business.
As more support staff move into advice roles, the adviser pipeline thickens. Mentorship cultures flourish, where seasoned advisers pass down expertise and new advisers bring fresh thinking to client conversations. The result is a richer, more collaborative environment – where experience and innovation feed off each other.
And clients are the real winners – the reason we do this work.
More advisers mean more Australians getting the help they need. And when that growth comes from within – led by people who already know the practice, the systems and the clients – the benefits multiply. Sustainable growth in advice doesn’t come from replacing people with tech but from empowering them to grow, contribute meaningfully and stay in the profession for the long haul.
Looking ahead: closing the advice gap from the inside out
At its core, advice is a human profession. And while technology can help us move faster and scale smarter, it’s the people behind the tools who make lasting impact possible.
The real return on investment comes when businesses commit to a people-first ethos – co-creating solutions with their teams, listening and investing in long-term development. That’s how you transform a static workforce into a vibrant talent pipeline.
Now is the time to build advice businesses that grow from within. Because the most valuable asset we have isn’t the software – it’s the people who use it.
Let’s stop asking if technology alone can solve the advice gap. It can’t. But when paired with a people-first mindset and a commitment to internal growth, it becomes a powerful enabler of the resilient, human-centric advice profession Australia truly needs.
Darren Steinhardt, founder and managing director, Infocus
nice!