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It was great to talk to the team at Finance Derivative about how Business Leaders and Wealth Managers will excel in the age of AI.
What I’ve found the most interesting in our journey is the concept I call the ‘impact coefficient’: how an individual can achieve uplift in delivery of their core role.
For example, if a single financial adviser can save 90 minutes for each annual client review meeting, and they have 100 clients, this is 150 hours of time saved across one year. If the same adviser meets a further 100 potential clients a year, and again can save 90 minutes after each meeting, that’s an additional 150 hours of time.
This is well beyond the 2% productivity gains envisioned and dreamed of by the Chancellor and the current Government. Compounding the incremental savings at scale can have a massive benefit at not only an individual, but also at a firm, level – as well as more broadly with society. If we get the implementation of AI right, it is quite possible that the provision of financial advice can be made available to millions more people in the UK. Imagine that. Millions more individuals and families that have the opportunity early on in their lives to set a plan in motion that will pay dividends (literally and figuratively!) later in life.
