Paul Campbell (left) and Tom Reddacliff

Artificial intelligence is a giving the financial advice sector the upper hand in the race to roll out advice to more Australians.

While it is in its early days, tools that enable advisers to produce meeting notes, review a client’s finances, produce a statement of advice and streamline the process of dishing out personalised advice are emerging in the market.

Opex Consulting has been developing a solution called Informed Financial Future for the last four years, which launched to early adopters in September this year.

An early adopter told director Paul Campbell that this has saved up to 70 per cent of their time.

“[Informed Financial Future] uses AI and supercomputing capability to dramatically reduce time and cost, but importantly deliver a solution which engages and demystifies advice for the client,” Campbell tells Professional Planner.

“For us, AI allows us to automate and streamline what are presently time consuming and laborious tasks. For practices and advisers, AI should allow them to see more clients and ideally reduce the overall cost of advice so that more Australians who need advice can get access to quality advice.”

The advice sector will evolve significantly over the coming years on the back of better access to AI.

“It will mean more capacity to see more clients,” Campbell says. “The technology is giving all involved quicker and more accurate solutions and outcomes, enabling us to deliver higher quality and trusted advice.”

Building the quadrumvirate

Padua Solutions combines human intelligence, advice, technical strategy and compliance experts with artificial intelligence. Put simply, it’s a financial advice engine that understands more than 2000 advice strategies.

“We’re able to support superannuation fund and other product provider members and qualified advisers with digital advice capabilities, and human resources covering advice, technical strategy and compliance,” co-CEO Matthew Esler says.

“Our driving goal is to reduce the time is takes to produce high quality financial advice, which will have the desired impact of making financial advice more accessible and affordable to more families.

“We have halved the time it takes to produce high quality advice in the past 12-18 months, and we believe we will continue on this trajectory with a further 50 per cent reduction expected in 2024,” Esler says.

Filling the advice void