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How automation could change the advice industry

It stated this showed AI would create a “major demand” for new jobs in financial services as firms would look to hire more people to plug the gap.

Joanna Leyden, director at advice firm Monument, said: “I think technology would help [advice firms]. But being a financial adviser I’m always sceptical so the proof will be in the pudding.

“If they’re willing to invest the money then fantastic — but that’s a bit like the cherry on the cake when we haven’t finished the icing.”

Ms Leyden said attempting to get information from providers was one of the most time-consuming aspects of the advice process and thought a concentration of investment in this part of technology would potentially be more useful.

She added: “If they want to make a difference to advisers and clients then they should talk to advisers and find out what they want.”

imogen.tew@ft.com

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