It’s worth noting that more than one in four workers report using generative artificial intelligence without the knowledge of management.
The results speak for themselves:
- 75 per cent say it makes them work faster.
- 67 per cent say it improves the quality of their work.
- 70 per cent say it improves their ability to generate new ideas.
- 50 per cent say it improves their overall wellbeing at work.
Many financial advisers are eager to jump in with both feet and unleash these benefits. If 2025 is the year you decide to unlock the power of AI, it’s worth reading on to find out what our experience has been like and how we are supporting advisers with their own journey.
AI in financial advice
AI has the potential to drive significant efficiencies across all areas of an advice business.
However, the implementation of artificial intelligence in advice practices has been slower than anticipated due to several barriers. Many advisers face challenges related to knowledge, time, training and confidence in using AI tools. Additionally, the rapid pace of development in the sector can make it difficult for advisers to keep up with the latest advancements and integrate them effectively into their practices
About a year ago, we hosted a group of financial advisers at the Microsoft Technology Centre in Sydney. Some of the use cases included simple productivity hacks such as meeting capture, file notes, drafting communications and other administrative tasks, which Copilot excels at.
We also observed use cases around processing client information, a typically time-intensive and manual process for most advisers, who often receive information from clients through various channels and in different formats.
Twelve months on and the latest iterations of AI and the efficiencies these applications offer are mind blowing. CFS and Microsoft are joining forces again for a 10x masterclass series for advice businesses eager to learn how artificial intelligence can be integrated into their businesses.
How we use AI
CFS partnered with Microsoft due to their robust security processes and data processing policies. Many organisations and individuals do not consider this and, as a result, may be leaving their client information vulnerable.
CFS began rolling out Copilot for Microsoft 365 to a small test group 12 months ago. They reported that Copilot made them more productive, saving more than 30 minutes per day.
Now, all our employees have access to this tool and have discovered valuable use cases, including running market analysis, which saved one product manager about 70 per cent of the time required to complete this work. The insights gained are now being used to prioritise improvements across the business.
One of the most important use cases for advisers is within our FirstTech team. This technical services team specialises in complex superannuation legislation and their expertise is highly sought after by financial advisers. However, they typically spend an average of 30–40 minutes on a single enquiry.
Generative AI offers a significant advantage by processing vast amounts of both structured and unstructured information. Using Azure OpenAI Service, we have developed a service trained on our extensive library of 26 technical guides, totalling 1,466 pages of complex legislative guidance on superannuation legislation. This service essentially taps into the team’s knowledge, helping them quickly locate and reference the relevant information needed to answer adviser enquiries.
Early results are promising. Our head of technical services, Craig Day, has been both excited and, at times, startled by the quality of the answers being provided.
This year, CFS is encouraging teams across the organisation to focus on innovative ways to use the technology rather than presenting business cases for immediate return on investment. We are confident that the return on investment will come, and there are already early indications of impact, particularly with Copilot, showing that this will deliver significant benefits.
Jackie Clark, director of education, engagement and events, CFS
