Thank you to everyone who joined our recent webinar, Integrating AI into Back-Office Operations to Drive Business Growth, Louise and Rohit Vaish explored how AI could change the way financial planning businesses operate.

The session generated a wide range of questions from the audience, covering data integration, compliance, the changing role of people, management information and the future of technology within financial planning.

Below you’ll find the key questions discussed during the session:

1. How can firms bring together client data held across different systems?

Rohit explained that client information often sits across CRMs, emails, documents and messaging platforms. AI can help bring this fragmented information together and analyse it to identify gaps, opportunities and useful insights.

2. Do firms need an API integration to use AI with existing systems?

Not necessarily. Rohit explained that Saturn has worked with firms where information can be accessed through a browser rather than requiring a direct API integration. The important consideration is ensuring the data is accurate and brought into a controlled central environment.

3. How can AI help firms make better use of their CRM data?

Rather than simply acting as a digital filing cabinet, AI can analyse information within and around the CRM to identify potential client needs, gaps in records and opportunities that advisers may not otherwise have time to identify.

4. Will AI replace people working in financial planning businesses?

Rohit argued that the human will remain central to financial planning because of the importance of trust, relationships, judgement and specialist knowledge.

Instead, he sees people moving from being operators to conductors, overseeing and refining work increasingly supported by technology.

5. How do you help employees adapt to these changing roles?

Training and implementation are important. Rohit stressed that technology providers should not simply provide software and leave businesses to work out how to use it. Teams need support in understanding how new systems change their roles and ways of working.

6. Can AI reduce the cost of servicing clients?

Rohit discussed examples where the cost of providing an existing ongoing service had already fallen significantly through the use of technology. He suggested that further efficiencies could be possible as systems develop.

7. Can AI help with management information?

AI can help where the underlying data is accessible and reliable. However, fragmented and inconsistent data from different platforms remains a significant obstacle, particularly for information such as assets under management.

8. Will financial planning businesses eventually move to fewer technology systems?

Rohit expects significant consolidation. Rather than adding AI to numerous existing systems, he believes the industry could move towards fewer interfaces that bring together more of the firm’s activities and information.

9. Can AI identify opportunities within an existing client book?

Yes. Rohit gave an example where a system analysed client records to identify clients who did not have a will, creating a potential opportunity for the firm to engage with those clients.

10. What about the environmental impact of AI?

The discussion touched on energy consumption and water use in data centres. Rohit acknowledged the issue and explained that the technology industry is working on more efficient computing, cooling and energy solutions.

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Using AI effectively is just one part of preparing a business for a successful transaction. At Gunner & Co., we work with business owners to prepare for sale, identify the right buyers, manage the transaction process and maximise value. We help you understand where your business sits in the market and what you can do now to strengthen it ahead of a future sale.

If you’re considering a sale, succession plan, or simply want to understand your options, contact Gunner & Co. for a free, confidential consultation.