Goss added: "Financial planning and advice sit in the interaction between the investment and the investor – from ‘farm to table’ if you like.
"Using AI to analyse data from the advice process to help organisations and teams up and down the value chain, including compliance teams understand the advice that is being given and ultimately to help advisers deliver even better advice – as a copilot - is a real possibility," he said.
"It similar to how developers, artists and writers are using copilots today."
The team at Dynamic Planner is also excited about the ability for automation to help advisers with that proverbial 'shoebox'.
"Every adviser knows a client or two who has a shoebox full of old paper policies or even digital folders full of unsorted documents. Where automation can help is distilling this information, sorting it and putting the relevant information into a fact find, this can remove significant chunks of the admin that advisers have to do", Goss said.
He added: "Setting aside the human interaction, much of financial planning and advice is rules based, and so the opportunity to continually expand the role of models to increase productivity, suitability and the ability of advisers to add value is significant.
"Think about where we were even 10 years ago, when the use of stochastic models was still being queried – today they are mainstream."
Focus on the future
According to Goss, before embarking on tech developments, financial services companies should consider what is the role of the adviser, and what is the role of technology - and how to ensure that both add the most value they can.
He added: "The provision of investment advice is essentially the provision of a trusted relationship in which the customer is willing to engage, to take risks for their long term benefit.
"It will be quite some time before technology alone can deliver the understanding, empathy and trust that comes from a good human adviser in that relationship.
"All the things around the relationship – gathering information, analysing multiple data sources, determining best strategies and documenting these are up for grabs when it comes to AI."
This means, from an adviser perspective, the systems available will get better, meaning they can focus on the human aspects, such as developing their understanding of clients, building empathy and trusted relationships.
And in the nearer-term, there is a development in terms of people using apps on their mobile devices to sort out their finances - and not just in banking or shares.
In the US, for example, there are fund management groups running funds based on AI, using it to augment their quantitative and qualitative skills.
