Using AI to simplify client interactions online

Presenting at the Adviser Innovation Summit last week, Sue Viskovic, general manager, consulting for Vital Business Partners (VBP), said advisers can use AI to reduce time spent on digital marketing and non-essential client interactions.

As the advice industry continues to struggle with its lack of personnel, coupled with the high demand for advice from Australian consumers and the contentious issue regarding “qualified advisers”, Viskovic stressed the need to increase the capacity of clients each adviser can service.

“We know right now one of our biggest problems in this profession is that we don’t have enough advisers to serve the number of clients that need it. And yes, we can continue to have this conversation about the ‘whatever we’re going to call them’. The people that aren’t really advisers but are going to give some limited stuff,” Viskovic said.

“But the reality is, to run effective advisory businesses of the future, we need to break this nexus between the number of licensed advisers and the number of families that we can support and impact.

“If you are limited to 80 to 100 clients per adviser right now, you have to start thinking outside of the box. Because the opportunity is there for us to impact a whole lot more people and [having] more than seven meetings per week and build profitable businesses and live the impact that you’re creating.”

Discussing how AI could be used within an advice business, Viskovic said marketing is likely the first port of call for utilising the technology, making it easier for advisers to reach their existing client base as well as potential clients.

“I want you to think about using AI right now as part of your extended team. So marketing support is probably the lowest hanging fruit. You, right now, could use ChatGPT to create content in your voice,” she said.

“Now what I mean by content is articles. You can put it on your blog. You can post information on social media that educates people. Whether you’re marketing for new clients or you’re wanting to educate your existing clients and make sure that they know that you’re still around and you’re still aware of what’s going on.”

She explained how some advisers are already using this technology to implement Q&A bots on their websites to answer simple questions clients may have, potentially reducing the time advisers would spend fielding questions.

“There’s quite a few advisers that do actually have a chatbot on their website that has some very basic information for when clients ask their typical questions. It gives them immediate answers and then when it gets to the point of requiring someone to have a conversation, then it’s created a semi-warm lead for them,” Viskovic said.

She also highlighted the importance of maintaining authenticity when using AI to interact with clients.

“The reality is, there are some great tools out there but they are only as effective as the people using them. And when I talk to an adviser about it who isn’t using AI, there’s still a lot of fear around it. And nobody has time to waste playing too hard with things that aren’t actually going to get them an outcome,” Viskovic said.

“But if you can use AI in such a way that it creates an authentic experience for your clients, then you’re becoming a bionic adviser.”