Empowering Advice Through Technology: A Day of AI and Innovation

On Thursday 30th January, I found myself out in the fresh morning air, watching the sun rise while waiting on Platform 2 for the 7.28 train to London. Confidently assuring my travel companion, John, that it would be late—given my recent track record with trains—it naturally arrived on time. Perhaps I’ve stumbled upon a new travel strategy!

We were on our way to the Empowering Advice Through Technology (EATT) conference, a day dedicated to exploring the latest in AI and tech advancements in financial advice. With an interesting agenda ahead, we were eager to see what insights the day would bring.

A Wake-Up Call for the Industry

After meeting up with our other five team members from Chesterton House and enjoying some early networking over refreshments, the event opened with a keynote from Ian McKenna. His message was clear: the need to adapt is urgent. Ian shared some eye-opening statistics, including the fact that younger generations—particularly those in their 20s—are increasingly seeking financial guidance, while older generations are less likely to do so. This shift reinforces the growing necessity for digital solutions, as younger clients expect technology to be seamlessly integrated into their experience.

The Skills Advisers Need in an AI World

The first plenary session tackled the question: What key new skill sets should advisers focus on as AI takes on more of their traditional workload?

IFA Ian Dempsey and LIFT Financial’s Director of Risk, Jonathan Stubbs, both emphasised that AI is no longer a distant concept but an integral part of the financial advice landscape. Firms that resist embracing it risk being left behind.

The discussion centred on how financial advice will become more relationship-driven, as AI handles much of the heavy lifting—data gathering, technical work, and reporting. Jonathan illustrated this with a striking example: AI has reduced meeting prep time at his firm from over an hour to just 20 minutes – which overall achieved a 90% efficiency gain. In-meeting tools like transcription services further enhance productivity, allowing advisers to be fully present with their clients.

Ian echoed this sentiment: “AI does a lot of the heavy lifting. I don’t see it as a threat, but as a massive growth opportunity for our industry.”

The session also touched on the rise of finfluencers—financial influencers on social media—who are providing financial guidance to audiences that might traditionally have sought professional advice. Ian raised concerns about the lack of regulation in this space, highlighting that many individuals who don’t meet the asset thresholds for traditional advice are now turning to these alternative sources.

Battle of the Tech: Showcasing Innovation

Between plenary sessions, tech providers took to the stage for the Battle of the Tech demos. Each company had just eight minutes to showcase their solutions, ranging from retirement calculators and documentation tools to risk and protection software. With fifteen companies competing across four time slots, the variety of innovations on display was impressive—some of which sparked excitement among our team as potential tools for Chesterton House.

How AI is Evolving Traditional Adviser Roles

In session two, Sapna Shapero, our Programme Manager here at Chesterton House, joined Jeff Lange, CEO of TFAS Wealth, to discuss how AI is reshaping traditional adviser roles.

Sapna highlighted a notable shift in paraplanning and administration roles, with AI streamlining processes. Her advice? Don’t fear job losses, but embrace upskilling. Understanding data management and emerging technology will be essential to staying ahead.

Jeff was equally optimistic: “If we can leverage AI effectively, we can revolutionise the world. That’s an exciting prospect.”

A live poll taken in the room reflected this enthusiasm, with over half of attendees saying they’d be comfortable with AI handling up to 50% of their firm’s activities.

The Adviser Firm of the Future

The third session explored what the adviser firm of the future might look like, featuring, Nick Raine (CEO, Soderberg UK), Sarah Roughsedge (Founder, Eva Wealth Management for Women) and Alan Smith (CEO, Capital Asset Management).

All agreed that AI is a game-changer for the industry, but it’s not a silver bullet. Instead, it offers the potential to create efficiencies that benefit both advisers and clients.

Sarah emphasised that AI will enhance the client experience, opening up new target markets that were previously unreachable. Alan reinforced the enduring value of human relationships in financial advice: “You can access music for free online, but try getting a Taylor Swift ticket!”

The panel’s consensus? The technology already exists—the key is adopting and implementing it effectively. Sarah’s advice: if you lack confidence in using AI, bring in expertise to help. Alan suggested a strategic approach, starting with the most costly pain points, identifying the right tools, testing rigorously, and iterating on a 90-day cycle.

Where the Industry Must Do Better

The final session focused on areas where the industry needs to improve, with insights from Tim Thompson-Rye (former CTO, The Progeny Group), Jon Dear (Head of Advisory Services, Hargreaves Lansdown) and Ed Dymott (CEO, Benchmark Capital).

Cybersecurity emerged as a top priority, with the panel advocating for ongoing training and robust contingency planning rather than relying on a single ‘fix’.

Jon also called for better communication between providers, advisers, and clients to reduce frustrating delays in accessing information. Tim echoed this, urging firms to design client experiences that people actively want to engage with.

Ed and Ian closed the session with an optimistic outlook, celebrating the pace of innovation and urging firms to engage with new technologies now, rather than wait.

Final Thoughts

After an engaging day packed with insights, the event wrapped up with a closing summary and the ‘Best in Show’ awards.

As we boarded the train back to Loughborough, we were tired but inspired by the possibilities ahead. Reflecting on the journey home, I felt proud that Chesterton House isn’t just exploring and embracing technology—we’re already integrating it in meaningful ways, enhancing our client relationships and continually improving our service, both now and for the future.

Jenny Jervis, Marketing Manager