Much news coverage in the adviser space the last 12 months has been dominated by discussions around the uses and implementation of AI in the adviser’s workplace.
A lot has been said about the efficiency gains and scalability AI can help provide, however valid concerns around safety, limitations and work force replacement remain for many advisers.
However, for Direct Wealth technology manager and Halosoft co-founder Nick Downey, one of the best ways to raise confidence in AI is by exposing them to high quality, tailored technology.
Speaking on the ifa Show podcast, Downey explained that for many advisers, trying something new, especially something as ‘untested’ as AI, is often too difficult of a task.
“Advisers are so busy they often don’t even have the headspace to trial something new, and you almost have to pester them,” he explained.
Compliance and privacy are also often concerns, Downey explained: “When AI is just a concept, advisers worry about trust, privacy, compliance – all the unknowns.
“But the moment they use a good AI tool for the first time, their whole attitude changes immediately. The hesitation disappears because they can feel the time they’re getting back.”
One example Downey gives is AI powered transcribing tools, which can often pick up on conversations, comments and small moments in meetings that might otherwise be missed. Moments like this can trigger what he calls a “light bulb moment”.
“It’s not until they run that first one that the light-bulb moment hits. They look at the output and go, ‘Holy hell … I didn’t even remember saying that in the meeting.’ And then they realise, no, it’s not a hallucination – the tool genuinely captured it. Once they see that level of insight, they’re hooked.”
The aforementioned obvious benefit, time saving and efficiency gains, also often provides that moment of realisation.
“The biggest mindset shift happens the moment they realise the hours they used to spend on back-office admin just aren’t required anymore. When AI hands them back that time instantly, the fear and uncertainty evaporate.”
For Downey, you can have a foolproof sales pitch, but that exposure to high quality and adviser tailored AI is the best tool for convincing advisers to the benefit of this technology.
“You can explain AI to advisers all day, but it doesn’t compare to simply showing them the output. The moment they read a meeting summary or file note generated by AI — tailored to their style — that’s when everything changes.”
