AI: Empowering innovation in advice
Unlocking advice productivity is critical to meeting unmet advice needs—bridging the gap between the 16.4 million Australians seeking advice and the 15,500 advisers available.1
By collaborating with the industry and leveraging our technology and data expertise, HUB24 is helping to address key challenges, enabling accessible financial advice and empowering better financial futures for more Australians.
AI is a key enabler, delivering industry-specific solutions and shaping the future of financial advice. As we adopt these capabilities, strong governance, privacy, and ethics are essential.
Since 2018, HUB24’s Innovation Lab has partnered with advisers and licensees to explore how emerging technologies like AI can address real-world challenges, focusing on responsible, human-directed design that supports advisers’ central role.
But connecting AI to systems built for people, not machines, is not enough. It takes ongoing investment and thoughtful application to deliver real efficiency and scale.
This month, HUB24 partnered with Professional Planner to host an AI industry roundtable.
Jason Entwistle | HUB24
Insights
AI is only as effective as the data it relies on. Expecting productivity gains without knowing where data is stored,
AI is only as effective as the data it relies on. Expecting productivity gains without knowing where data is stored,
As AI adoption accelerates across advice practices and licensees, so too does the opportunities and risks. While the technology holds
As AI adoption accelerates across advice practices and licensees, so too does the opportunities and risks. While the technology holds
The financial advice industry is undergoing a period of rapid experimentation, as advisers and licensees increasingly adopt AI and automation
The financial advice industry is undergoing a period of rapid experimentation, as advisers and licensees increasingly adopt AI and automation
Advice practices and licensees are taking varied approaches to innovation with some investing in education and structured programs, while others
Advice practices and licensees are taking varied approaches to innovation with some investing in education and structured programs, while others
AI is advancing rapidly in financial advice, offering new opportunities but also prompting regulatory concern that governance may be behind
AI is advancing rapidly in financial advice, offering new opportunities but also prompting regulatory concern that governance may be behind
Assessing AI solutions is challenging due to its fast, changing nature and the lack of deep and accessible expertise in
Assessing AI solutions is challenging due to its fast, changing nature and the lack of deep and accessible expertise in
With thanks to the participants
Nicholas Perrett
Chief Executive Officer
Yarra Lane
Jasia Fabig
General Manager Advice
Fitzpatricks
Dr Evan Morrison
Head of Innovation Lab
HUB24
Nigel Baker
Director
Arch Capital
Jason Entwistle
Strategic Director
HUB24
Nick Hilton
Exec GM Advice Delivery
Entireti
Paul Bolstad
Financial Adviser
AGS Financial Group
Henry Cai
Head of Advice tech
Centrepoint Alliance
Nathan Jacobsen
Chief Executive Officer
Vital Business Partners
HUB24’s Innovation Lab
HUB24 believes in the value of advice and enabling accessible financial advice to more Australians.
Through our Innovation Lab, we are exploring how emerging technologies such as AI and machine learning can help reduce friction in the delivery of advice.
Over the past seven years in collaboration with advisers and licensees, the Innovation Lab has unlocked productivity gains delivering innovative solutions to drive efficiencies and operational scale.
By leveraging machine learning, it analysed more than 19 million documents, turning unstructured data into useful insights for licensees, helping them to identify revenue opportunities, client trends, industry benchmarks and deliver proactive compliance monitoring.
More recently, and as the technology evolves, the Innovation Lab has been exploring and refining new ways to use AI and natural language tools to help advisers better engage with clients and their data.
Transformational change requires collaboration, that’s why we’re working with the industry, licensees, and advisers, sharing insights to build scale and empower better financial futures, together.
Read the insights
1Investment Trends 2023 Financial Advice Report