Foster Denovo is urging the financial advice sector to make better use of AI and digital tools to improve efficiency and client service.
The firm is now using tools like Evie, which creates meeting summaries in minutes, which it claims saves advisers around 90 minutes of admin per session. Another tool, Emma, drafts client reports, allowing paraplanners to focus more on research and advice.
The company has also introduced a dashboard to bring its systems together and partnered with Pension Lab to replace paper signatures with a faster digital process as part of a wider tech rollout called Supercharge,
Foster Denovo chief operating officer Helen Lovett says: “We’ve used AI to transform necessary but laborious tasks and sticking points. It’s a practical step every adviser should be taking because it frees up more time for advisers and support colleagues to concentrate on what we all do best: focus on clients.
“Adding up the combined impact of these individual innovations means an enhanced advisory experience and it’s been achieved by being pragmatic about what can be re-engineered while the advice engine is still running smoothly!”
AdvisoryAI co-founder and CEO Alan Gurung says: “Having spent years as a financial adviser myself, I witnessed how documentation took valuable time away from meaningful client interactions. At Advisory AI, we’re using AI to solve the very problems I experienced firsthand, enabling advisers to double their capacity while maintaining the personal touch that defines quality advice”
Pension Lab chief executive Scott Phillips says: “Welcoming another large advisory group like Foster Denovo onto our digital LoA platform reinforces our position as the adviser’s solution of choice. Together with our growing adviser community, we’re making great strides to eliminate the time and cost wasted by the traditional LoA process — so clients receive a standard of service and advice that goes above and beyond Consumer Duty.”
