(L-R) Nathan Jacobsen and Clayton Daniel

The journey of artificial intelligence (AI) in financial services is one of continuous growth and adoptation. 

Diverger managing director Nathan Jacobsen tells Professional Planner that Diverger is working with an AI partner to automate the production of a quality file note. 

“Not just converting the meeting into text but structuring the whole conversation into a compliant file note in minutes, with only the need for the adviser to review the output and correct any errors,” he says. 

“We estimate the time saving is substantial.” 

While he could not disclose the specific company Diverger is working with, Jacobsen adds that AI is providing the industry with an opportunity to transform “a complex documentation process into a great client experience, while also automating the compliance tasks”. 

There is an overwhelming amount of opportunity in the realm of AI, which is also difficult to make sense of, he says. 

“Start small, work with an expert, pick a high-volume task and look for simple ways to automate or simplify it using one of the many tools now available in the market.” 

Third-generation AI – launched in November 2021 – has shown promise, but is still a work-in-progress.

 Jacobsen says AI tools require monitoring, improvement, and teaching – “like a team member”. 

“You can’t set and forget, he says.

The adoption of AI by advisers and financial businesses is happening organically, according to Jacobsen. 

“Individuals and teams are actively looking for opportunities to improve the way they do things,” he says. 

“It’s a big change from when we had to stand up large IT teams with complex change programs. I think advisers and their teams are a lot more sophisticated when it comes to technology and are rapidly adapting their business models.” 

He adds that the advice industry is currently unable to service the volume of demand for advice, and “certainly will no longer be servicing the mass market population”.