Every few years the industry is told that advisers are living on borrowed time. The latest prediction is that advances in artificial intelligence (AI), digital platforms, and technology will soon be able to replicate, and eventually replace, the role advisers play in the advice process.
On the face of it, there may appear to be some truth in this narrative. We’ve all seen how quickly technology can change the way we do business. But let’s be clear: the idea advisers will become obsolete in the near future is a myth, and one that doesn’t stack up against either history or reality.
Think back to the last big business trend: outsourcing. Not too long ago, many firms moved whole functions offshore, particularly customer call centres. India was a prime destination. The strategy promised efficiencies, lower costs, and the ability to service customers at scale.
What we quickly discovered, however, was that while the model worked for some tasks, the lack of personal knowledge, understanding, and relationship continuity often created more problems than it solved. Customers wanted more than a script and a voice at the other end of the phone. They wanted someone who understood them, their history, and their context.
Over time, many of those outsourcing issues have been resolved, and it’s fair to say there are now excellent service providers overseas who have built strong models. But the lesson still stands: when it comes to relationships, support, and expertise, people want to deal with those who know them best, not those who only know them via the details on a screen.
This is exactly what we hear from brokers who use our services. They like to deal with the account managers who onboarded them; the people who know their cases, who understand the kind of questions they are likely to ask, and who can provide the support and experience they want. That familiarity and expertise builds trust.
Advisers should recognise the same truth in their own businesses. Clients don’t simply want someone who can type data into a system and generate a recommendation. They want someone who understands their circumstances, who can empathise with their goals and concerns, and who can translate complexity into clarity. No algorithm can replicate that human relationship. Technology can augment the process, but it can’t replace the adviser.
Of course, that’s not to say that AI and technology won’t have a huge impact. It already is, and in many positive ways. Think of how digital document transfer, e-signatures, online ID verification, and automated updates have sped up parts of the mortgage and conveyancing journey.
In conveyancing propositions, AI tools are starting to help firms manage case administration, flag potential risks, and reduce repetitive manual work. That frees up time for conveyancers to focus on service and advice, and advisers and their clients will benefit from that.
But look at the adviser community itself. Adviser numbers have dipped over the last year, but is that because AI has replaced them? Of course not. The reasons are far more complex: regulatory pressures, changing business models, consolidation in the market, and the natural ebb and flow of recruitment.
The idea advisers are being forced out by technology is a red herring. In fact, the best advisers are the ones who are embracing these tools to make themselves more efficient and to spend more of their time on what matters most: advising clients.
The truth is that technology works best when it’s simple, relevant, and designed for the day job. Platforms, like the one we offer at conveybuddy, should be easy to understand and easy to use. When they are, advisers can get the most out of them and pass those benefits on to their clients. When they aren’t, they end up being just another layer of friction. That’s where the focus should be, building tools that empower advisers, not complicate their roles.
So yes, AI and technology will continue to change our industry. They will take on more of the heavy lifting around admin, compliance, and communication. They will speed up processes and create efficiencies. They will provide advisers with insights and opportunities that might otherwise have been missed. But none of that means advisers themselves will disappear.
Quite the opposite. It means advisers can double down on the part of their role that matters most: being the trusted, knowledgeable human guide through what is often the most significant financial decision a client will ever make.
