Episode 122: AI can help us be more human

I think probably for me, the things I hear from other members, and I even had a call from one member this week, and there are four key things.

I think AI is massive, but I'm assuming that's across every profession, every industry.

I think AI is worrying or helping people advance.

So I've heard a lot of advisors speaking about that at the recent roadshows.

Pensions and inheritance tax for us is massive.

Again, I don't know.

I know you cover this a lot in the magazine, but You know, the rule changes that come in next April give financial planners a huge opportunity to add more value to people.

But it's also trying to stop people making mistakes.

And then you've got the struggles with advisor retention and advisor recruitment.

Obviously, the PFS have started to help with that with Pathway to the Professions.

But I think the big challenge I'm hearing from people on the ground is the...

Is they not sure if they do take someone on how they get them to competence advisor status? And I know we've got a project in line to work on within the PFS for that.

And then the fourth thing is always is consolidation.

People are worried about if everyone's doing it, should I be doing it? I don't want to because I want my own path, but, but, but.

So yeah, a lot of people are worried about what they do next, especially for the older advisors.

And touching on one of the challenges, the factors you mentioned there being AI.

I mean, it's just you can't switch on the news or open a magazine or do anything these days without it.

That's really such a focus.

And as you say, particularly in financial planning.

So your firm, Penguin, has been a real adopter of AI, hasn't it? I mean, so have you found that other advisors are kind of talking to you about You know, how have you done it and where have you implemented it successfully? And have you kind of got anything you'd, you know, you'd pass on so far about how AI can be used?

Yeah.

So it all started for me two and a half years ago at the PFS MDRT day that we ran in, I think it was February, March 24.

A gentleman was flown in from Florida and he was supposed to be on the stage for 40 minutes.

And I think they ended up giving him just over an hour because...

He was a brilliant speaker and he was way ahead of everyone else in that moment in time.