Here’s what an AI adviser will look like in three years’ time…

It is widely agreed artificial intelligence (AI) is going to bring significant improvements to the way financial advisers work.

But while it is very easy to write about the possible advancements and what might happen, this will be the first in a three-part series setting out exactly what an AI adviser will look like in three years’ time.

So, let’s first turn to client acquisition.

AI will revolutionise the client acquisition process using advanced technologies to identify, target and engage potential clients more effectively. Here’s how it will assist in each step:

1. Data analysis and targeting

AI algorithms will analyse vast amounts of data to identify potential clients who match specific criteria such as demographics, financial behaviour and life events.

AI will enhance marketing efforts by personalising content to resonate with the specific needs and interests of potential clients

By analysing data from various sources, including social media, online behaviour and financial records, AI can generate insights into potential client segments most likely to benefit from the services offered by the adviser.

2. Lead generation

AI-powered tools will automate lead generation by identifying and qualifying potential leads based on predefined criteria.

Natural language processing techniques will analyse online conversations, social-media posts and other digital interactions to identify individuals expressing financial needs or interests. AI will also analyse website traffic and user behaviour to identify potential leads and engage them with targeted messaging.

3. Personalised marketing

AI will enhance marketing efforts by personalising messaging and content to resonate with the specific needs and interests of potential clients.

Algorithms will analyse vast amounts of data to identify potential clients who match specific criteria

Through machine-learning algorithms, AI will analyse client data and preferences to tailor marketing campaigns and communications. This includes personalised emails, targeted advertisements and custom content designed to address the financial needs and concerns of potential clients.

4. Engagement and outreach

AI-powered chatbots and virtual assistants will engage potential clients in real-time conversations to answer questions, provide information and offer assistance. These AI systems will be integrated into the advice business’s website, social-media platforms and other digital channels to engage with potential clients at various touch points.

AI can also automate outreach campaigns through email, social media and other communication channels to nurture leads and drive conversions.

5. Predictive analytics

AI will leverage predictive analytics to identify trends and patterns in client behaviour, market dynamics and competitor activities.

AI is an opportunity for advisers to redefine their roles and provide unprecedented value

By analysing historical data and market trends, AI will predict potential client needs and preferences, enabling advice businesses to tailor their offerings and marketing strategies accordingly. This allows businesses to stay ahead of the competition and anticipate client needs before they arise.

6. Conversion optimisation

AI will optimise the client acquisition process by analysing conversion metrics and identifying areas for improvement. AI algorithms will experiment with different marketing messages, calls-to-action and conversion pathways to identify the most effective strategies for acquiring new clients.

This data-driven approach helps advice businesses maximise their marketing return on investment and improve overall conversion rates.

So, AI-driven client-acquisition strategies will enable advice firms to identify, target and engage potential clients more effectively, leading to increased lead generation, higher conversion rates and improved business growth.

And please start believing that AI isn’t a threat, it’s an opportunity. An opportunity for advisers to redefine their roles and provide unprecedented value.

In my next article, I will cover the client onboarding process.

Paul Miles founder and director of Silverback Consultancy