Obviously, AI is the new kid on the block here, given its rapidly evolving capabilities and insistence from certain investors that the technology is unavoidable. It has become front and centre.
But there’s also plenty more: improved file systems, client onboarding platforms and more targeted digital advice paint a picture of a profession that is evolving with the times.
But for Marshan Consulting managing director Ben Marshan, that has largely not been the case.
“When I got into advice 20 years ago, financial planners were actually some of the most tech-savvy and technology-forward parts of the financial services industry,” he told the latest episode of the ifa Show podcast.
“But it feels like we’ve kind of stagnated 15 or 20 years ago in the use and development of technology.”
Marshan added that a big obstacle to the stagnation in advice has been the ever-growing compliance obligations for advice industry distracting from what needs to be done in terms of technology.
“We’ve been so busy keeping up with regulatory change and the professionalism reforms that it’s been hard to focus on technology as well. But while we’ve seen open banking, straight-through processing and massive technological changes across platforms, we’re still, to a large extent, delivering advice in much the same way we always have.”
For Marshan, the biggest example of this is the fact many advisers are still relying on paper-based documentation generation when interacting with clients.
“We still collect client information roughly the same way, even if we’re using different technology,” he said.
“We’re still creating paper-based statements of advice, even if we’re sharing them as PDFs. We’re still asking clients to sign application forms, whether that’s with a wet signature or electronically. We haven’t really evolved to take advantage of what’s possible today.”
He added: “Paper-based delivery of financial advice is the worst medium you could be using in 2026. It absolutely made sense in 2001 when the Statement of Advice requirements were introduced, but it just doesn’t make sense in 2026.”
The only really place Marshan sees the profession adopting new technologies is with AI note taking, however this is driven by the fact that most of the products on offer for this solution are off the shelf.
“I love this profession and I love the professionals in it, but I wouldn’t say we’re particularly advanced in our use of technology these days,” Marshan concluded.
You can catch the full episode with Ben Marshan by clicking here.
