“The journey towards hyper-personalisation in financial advice”

Jul 23, 2024 | Financial Services

An independent (financial adviser’s) view

No, me neither. ‘Hyper Personalisation’ sounds like the financial advice equivalent of, not just a tailored suit, but made to measure shoes, shirt, socks and underwear. It turns out it’s all about, you guessed it, AI and how it might be used to work out and implement financial plans for you as a client with as little human involvement as possible. Now, if you’ve tried or had a demo of the most popular and accessible bit of AI, ChatGPT, you’ll know that it is astonishing. You can ask it pretty much anything and it will write an essay of highly articulate answers. The application of this to much of the endless report-writing we have to do in our business could and would be a boon. The gist of this, however, is that big banks, insurance companies and the like might use it to replace actual advisers, who’ve been the source, as they might see it, of their past compliance and compensation-payment problems. Which is a rather different thing.

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“HMRC: ‘digitalising tax process could close gap’”

“HMRC: ‘digitalising tax process could close gap’”

You, like a majority of both taxpayers and accountants, may have been sweating and cursing over a keyboard last week to submit a last-minute tax return. Many by the end of that accursed process will have been shouting ‘bring back paper!’, a vain and pointless hope, I’m afraid.