AI for your industry / Money and advice
AI for financial advisers and wealth managers
Advice firms spend much of their time on paperwork around the advice: fact finds, meeting notes, suitability reports and annual reviews. AI note-takers and drafting tools can cut that time, with the adviser responsible for every recommendation.
Start with meeting notes and review packs, then test AI drafting on suitability reports with paraplanner checks.
3,180 UK firms in financial services support, the ONS class that includes IFAs have 5 to 249 staff, out of 19,555 in total. Source: ONS, UK business: activity, size and location 2026.
Where AI pays back first
More revenue
Free adviser time to see more clients and grow assets under advice.
Lower costs
Reduce paraplanning hours per case and the backlog of reviews.
Time back
Cut hours spent writing up meetings and preparing review packs.
Jobs worth looking at
| Job | How it often runs now | Where AI can help | What a person still checks |
|---|---|---|---|
| Meeting notes and fact finds | Advisers type notes after each meeting. | Turn recordings into structured notes and fact-find updates. | The adviser confirms facts and client objectives. |
| Suitability reports | Paraplanners write reports from notes and research. | Draft report sections from notes, research and templates. | The paraplanner and adviser check every recommendation. |
| Annual review packs | Packs are assembled by hand from platforms. | Summarise performance, changes and actions for each client. | The adviser reviews before the meeting. |
| Consumer Duty evidence | Outcome evidence is scattered across files. | Summarise client outcomes and value evidence from records. | Compliance confirms conclusions. |
Firms use back-office systems such as Intelliflo, Curo or Xplan, and AI note-takers built for advisers. Business assistants help with letters and summaries.
Different firms, different starting points
Independent financial advisers
Meetings and reports dominate. AI note-takers and report drafting give quick wins.
Wealth managers
Portfolio reviews and client reporting. AI helps review packs and commentary.
Paraplanning firms
Report volume is the business. AI drafting raises output per paraplanner.
Worked example
An IFA firm that clears its review backlog
A firm with four advisers has a backlog of annual reviews. Each review takes half a day of preparation.
AI drafts a review pack per client from platform data and last year's notes, and turns meeting recordings into notes.
Advisers check every pack and note. The firm tracks reviews completed per month.
Illustrative example with made-up details.
Try a practical task
Find your first job to fix
Paste this into a business AI account. Fill in the brackets. It asks you questions first, then suggests one job to test.
Try this in your AI app
ChatGPT
Claude
Gemini
CodexUsing Gemini? The button copies the prompt. Paste it into the new chat.
You are helping a UK financial advice firm choose its first AI use. Ask me one question at a time.
Ask about our advisers, paraplanners, back-office system and where time goes after meetings.
For each idea, say what the adviser must check and which FCA rules apply.
Suggest three ideas ranked by revenue first, then cost, then time, and say what a person must still check for each.
Finish with a short test plan for the best idea and how we will measure it.
Rules that shape the work
The FCA says its existing rules, including the Consumer Duty and the Senior Managers regime, apply when advice firms use AI. A named senior manager stays accountable for advice quality.
Read the source: FCA: AI update
The Consumer Duty requires firms to show good outcomes for retail customers. Records of advice must support this.
Read the source: FCA: Consumer Duty
Shadow AI
Advisers may use free note-takers on client calls. Approve one tool with the right data terms.
Keeping data safe
Use business or enterprise AI accounts with model training turned off and a data processing agreement signed. Client financial data is highly sensitive, so check where recordings and notes are stored.
A relevant public story
28 people coached. AI workflows built around real PE work.
We coached 28 people at a private equity and credit firm with about US$100bn in committed capital. Each built AI workflows for their own reports, research and spreadsheets in 21 one-hour sessions.
What each leader should do first
Managing director
Free adviser time for more client meetings. Start with notes and review packs.
Compliance lead
Set rules for recordings, data storage and checking AI drafts.
Questions owners ask
Can financial advisers use AI?
Yes. The FCA expects existing rules to apply. Advisers stay responsible for advice.
Can AI write suitability reports?
AI can draft sections. Paraplanners and advisers must check every recommendation.
Are AI note-takers safe for client meetings?
Only with consent, approved tools and clear data storage terms.
How does AI help with Consumer Duty?
AI can summarise outcome evidence from records. Compliance must confirm conclusions.