A good financial advisor in New Zealand can leverage AI (artificial intelligence) to provide more clarity and cut through complex financial issues quickly.
The things AI hasn’t changed are the reasons why my clients hire me in the first place: judgement, behavioral coaching, and listening carefully to understand what my clients need, want, and how I can help structure their money so they can achieve their financial and life goals.
Utilizing AI in a smart and conservative manner can help keep costs low. AI bots can assist with notetaking, summarizing large data sets, and help generating graphs, charts, and tables to more clearly communicate concepts.
An AI-native financial advise practice passes on the savings to their clients and allows the fee-only, independent financial advisors who use it to spend time where it actually matters: on you and your questions.
AI and Money
There are 3 things many people mean when they talk about their financial advisor using AI. The first is robo-advisers. These are managed funds that use algorithms to pick asset allocations and to rebalance investments.
The second might be people typing in financial questions straight into a chatbot like ChatGPT, Gemini, Copilot, or Claude.
Finally, there are AI-native human advisers. These are NZ FMA registered financial advise providers who utilize AI to help them deliver exceptional results to their clients.
How I Use AI in My Practice
AI is never giving you advice in my practice. While I use AI regularly to take notes, summarize conversations, consolidate and display financial documents, and generate client visuals, all asset allocations, investment ideas, and over all holistic financial plans are coming from me, not the robots.
I primarily use hazel.ai to take notes and generate question and answer documents from conversations with my clients. I use Projection Lab to model financial projections and ensure that the plans I generate for clients can survive the worst market conditions we have seen over the last 100 years.
Work that used to take days now takes hours. And work that took hours now takes minutes. Using these tools frees me up to have more time to think about my clients and to fully understand their full financial picture.
Judgement, behavioral coaching, and accountability are always the responsibility of the financial adviser provider in New Zealand. Next time you interact with a financial advisor, ask them how they use AI in their firm. You might be surprised at the answer.