VBP and advice firm launch AI collaboration

Robotic process automation (RPA) aims to support advice businesses in automating manual tasks through software robots, freeing up staff to focus on higher value tasks.

This will leverage artificial intelligence (AI) to help advisers streamline and scale their operations to deliver a consistent client experience and retain talent.

According to Adviser Ratings, almost three-quarters of advice firms are using or planning to use AI. This 2025 figure is up from 45 per cent of firms in the previous year.

“In other industries and professions, RPA is widely used to improve processes and drive growth, and we’re already seeing some advice businesses use RPA for tasks like diarising meetings and sending calendar invitations, gathering information and reports, and using templates to draft client emails,” VBP chief executive Nathan Jacobsen said.

“There are hundreds of accountants and advisers grappling with how to use technology and AI in their business, but it’s not as simple as running an RFP process and selecting a solution anymore because technology is advancing so quickly, which is why partnering with an outsourcing specialist is an optimal solution.”

Nick Perrett, CEO of Melbourne-based Yarra Lane, said advisory firms could design and develop RPA solutions in just a few months and start seeing tangible results in a short period of time.

“Software robots can do a lot of the heavy lifting for advisers. In a sense, advisers can work through the day and their bots can go to work at night so the next morning, advisers can focus on higher value activities like spending time with clients,” Perrett said.

“The average accounting and financial planning business can’t spend hundreds of thousands on developing technology, and they don’t need to because for a relatively small build and ongoing fee they can achieve a lot. That’s incredibly exciting for business owners.”

Last September, VBP announced it had taken a minority equity stake in digital advice platform Ensombl, which will further develop Ensombl’s professional development offering and evolution of the advice industry.

“We want to see advice businesses grow and become more efficient so they can help more people. VBP’s outsourcing and business growth solutions are helping advisers expand their capability and capacity, and Ensombl is doing their part to support advisers to grow personally and professionally, and drive practice efficiencies,” Jacobsen said.