Advisers who focus on professionalism, leadership and trust will be the successful ones in an age of increasing technological progress dominated by artificial intelligence (AI), according to Australian Mortgage and Financial Advisers (AMAFA).
“Artificial intelligence and automation, regulatory expectations, fewer risk advisers, capacity constraints, succession pressures and clients expecting more value and greater clarity are all reshaping our profession. The profession cannot stand still, but it can, and must, choose how it changes,” AMAFA managing director Keith Marshall told delegates at the boutique financial advice licensee’s recent national conference in Hobart.
Marshall acknowledged clients may have never had more information, choice or noise than they do today, but that does not necessary create clarity or trust. Further, he noted AI and automation are changing how advice is delivered, but only trust will determine its value.
To this end, he indicated advisers who will shape the profession over the next decade will be those who use that trust to deliver better advice.
He suggested by focusing on their relationships with clients, these advisers will be able to create better value for clients and guide them through periods of uncertainty.
“The future belongs to advisers who consistently create the greatest value. Not those with the most products, the biggest office or the most sophisticated software. The greatest value, delivered consistently, client by client,” he said.
He recognised the Australian Securities and Investments Commission has made it very clear it is also looking for improved client protection, better business practices and stronger leadership from advisers and their licensees, all of which should be goals the profession should share.
AMAFA has committed to assisting advisers meet these goals by helping them build businesses clients can rely on with great systems and clear expectations, he noted.
“The next chapter will not be written by technology, regulation or markets alone. It will be written by advisers who are prepared to lead,” he explained.
