In today’s fast-paced financial environment, wealth managers and advisers are increasingly time-poor. This is really where technology, and in particular AI, is starting to show its value – helping those who are beginning to adopt it to recognise real operational gains, streamlining administrative processes, improving efficiency, and ultimately enabling a more personalised experience for clients in a few very specific areas.
This is really where technology, and in particular AI, is starting to show its value – helping those who are beginning to adopt it to recognise real operational gains, streamlining administrative processes, improving efficiency, and ultimately enabling a more personalised experience for clients in a few very specific areas.
AI is the ultimate note taker
Financial advisers are often juggling multiple clients, each with unique needs and requirements. Having time to focus on those individuals is their most valuable commodity, and AI can be a game-changer when it comes to optimising how that time is spent. For instance, AI-powered tools can automate the process of note-taking and data entry, significantly reducing the time advisers spend on administrative tasks. Natural language processing (NLP) tools, specifically designed for Financial Services, allow AI to convert voice or written notes into structured data, which is then automatically uploaded to a client’s file. This removes the need for advisers to manually transcribe notes or update client records, making it easier for them to keep track of important details in real time.
A very effective second set of ears and eyes
One of the biggest worries for advisers in client meetings is the possibility of missing something crucial, whether it’s a vulnerability indicator, a new financial risk or a subtle clue about a client’s needs. This is also particularly important with increased regulation such as the FCA’s Consumer Duty, in the UK, where vulnerability identification, full assessment and proven actions are a crucial area of consideration. For those who want to be fully present with clients while still catching every important detail, this can create a real challenge for wealth managers and advisers.
There’s also the worry that AI might eventually replace human judgement in these scenarios — but what if it could simply act as a powerful support? AI tools such as Aveni Detect can serve as a “second set of eyes” in client meetings, transcribing conversations in real time, flagging essential discussion points and identifying potential risks based on the conversation and the client’s profile. It acts as a ‘machine line of defence’ enabling AI-driven quality assurance automation, at all stages of the QA workflow. This way, advisers can focus entirely on building rapport, knowing that AI is picking up any red flags or actionable points they may otherwise miss. AI’s ability to detect potential risks isn’t limited to immediate concerns, either. By analysing current market trends, economic factors and even client spending habits, AI can identify risks that may not yet be visible. This then allows advisers to proactively guide their clients’ financial plans with greater security.
Trust in the human-machine combination
One of the key concerns for clients is the security of their personal and financial information. Advisers must adhere to strict security and regulatory protocols to protect sensitive data, but AI can make this process more efficient. AI systems can monitor account activity in real-time and flag any suspicious behaviour, providing an extra layer of security against potential fraud or cyberattacks. This is particularly critical for larger clients who may be targeted by sophisticated cybercriminals. AI's ability to detect anomalies and prevent breaches ensures that clients' data is kept secure, which builds trust and confidence in the adviser’s services.
Peace of mind on compliance with a bespoke AI touch
AI can also play a crucial role in ensuring that advisers are compliant with regulatory standards and that their advice meets the highest quality assurance standards. Compliance can be an arduous task, and often is conducted manually listening to hours of recordings or reading pages and pages of notes and cross referencing facts on multiple documents. Not only is this hugely time-consuming, but it also means that a far smaller percentage of calls or interactions typically are able to be assessed – exposing both advisers and their customers to an unnecessary level of risk. AI tools can scan client files to ensure that all required documentation is present, flagging any missing or incomplete information. These systems can also monitor ongoing transactions and alert advisers to any potential compliance issues.
Enhancing the personal touch
Financial advisers know that clients expect quick answers. Yet, delivering those without sacrificing quality can feel like a balancing act. Though many clients ask similar questions, each situation requires an individual unique response. Just because advisers handle routine queries, it shouldn’t mean less time for clients needing in-depth support. A recent survey showed that 39% of advisers find managing client demands challenging, while 37% feel pressured to create a more differentiated client experience. AI can help with this challenge. By handling common questions quickly and accurately, AI frees advisers to focus on the unique, complex cases that need personalisation. Such tools can also pull up relevant client data and past interactions in seconds, making it easy to answer questions without endless back-and forth or research time.
Reaching out to the next client generation
Financial advisers are increasingly finding that they must appeal to a broader mix of clients, including younger generations and those who may not have traditionally engaged with financial advisory services. AI presents a unique opportunity to tap into this market. Adopting AI tools reflects a forward-thinking, modern approach to financial advisory and wealth management.
AI will not take your job, but it can take out the strain
AI is revolutionising the financial advisory industry by reducing the administrative burden on advisers and enabling them to provide a more secure, and efficient service to their clients. It also offers a very personalised approach in the way it stores, tracks and highlights information. All of this brings the ultimate benefit of more time for humans to be, well, human and do what they do best – nurture and grow relationships. With the added benefit of attracting a broader client base and offering a more modern and innovative approach, AI is poised to transform the way financial advisers work and the services they provide. But, don’t forget to think before you adopt AI. Plan properly, ask questions, ensure transparent and open discussions before you step in. AI really is there to bring fundamental benefits and reduce risk – not create more.
Interested in accessing the AI Toolkit 2025? You can read the report online here.
About Aveni
Aveni is revolutionising financial services with its award-winning AI FinTech solutions. Leveraging cutting-edge natural language processing (NLP) technology, our advanced AI platform analyses documents and meetings, extracting actionable insights to drive operational excellence. From automating client administration and compliance monitoring to enabling Consumer Duty management and adviser performance assessment, Aveni's AI seamlessly integrates with your human expertise, delivering unparalleled efficiency gains across the entire business operating model.
Bridging the gap between generic AI offerings and the unique needs of the financial industry, Aveni's purpose-built AI assistant is tailored to accelerate FS workflows. With a team of world-leading NLP scientists and engineers, Aveni empowers businesses to harness the transformative potential of AI to enable more streamlined operations and enhanced productivity.
For more information, click here.
About The AI Toolkit 2025
The AI Toolkit is the second in a new series of Toolkit reports focused on key AI themes and tools impacting global wealth management. Each Toolkit report focuses on a key wealth management theme, segment or geography.
This second issue takes the form of a thematic report and shines a light on the trends and solutions influencing the application of Artificial Intelligence (AI) in wealth management. It features insights from industry participants, consultants, and also includes a selection of solution showcases, each centred around a dedicated AI-relevant topic and related solution.
