Dynamic Planner has launched an enhancement to its adviser offering which it says uses artificial intelligence (AI) to generate annual client reports in less than five seconds.
An ‘early adopter programme’ for the use of generative AI is within Dynamic Planner was rolled out today, 12 February.
Advisers involved in this will help shape how AI is integrated into the financial advice process in Dynamic Planner, to drive automation and personalisation, the firm said.
AI will be used to capture unstructured data from client meetings, transcribe and summarise it, automate and personalise the suitability assessment process and report creation.
The firm is also rolling out the ‘Dynamic Planner AI Charter’ to ensure safe and effective use of AI by advice firms. The charter has five commitments: data, security, fairness, transparency, and compliance and responsible use.
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Ben Goss, CEO, said: “As advice technology pioneers we continuously ask ourselves about the role we can play in helping everyone who wants financial advice to be able to access it and firms to be able to provide it even more compliantly and profitably.
“It’s well understood that while four million people benefit from personal advice currently, 12 million more would pay for it if it could be made more accessible and affordable. It is also true that firms often face an internal ‘advice gap’ struggling to profitably serve smaller value clients or the next generation of client.
“The power of personal financial advice is clear, but the barriers remain and cost to serve is an ongoing challenge. So where does technology come in to making this very human aspect of advice more accessible to more people?” Goss continued.
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“The combination of end-to-end process support including for smartphones, data driven processes and automation is the catalyst.
“It will create the capacity that’s needed; it will lower the cost to serve; it will help advice firms confidently meet the regulations; but most compellingly, it will enable the advice industry to scale the human element of what it does – acting as professional advisers and coaches to the many existing and new clients who need and want personal advice.”
