"Firms often face an internal ‘advice gap’ struggling to profitably serve smaller value clients or the next generation of client. The power of personal financial advice is clear, but the barriers remain and cost to serve is an ongoing challenge."
- Ben Goss, CEO of Dynamic Planner
Digital advice platform, Dynamic Planner, has unveiled its 2025 developments including plans for generative AI, which aims to reduce the time taken to produce annual review reports to under five seconds, an AI Charter, and new fact finding optimised for smartphones.
An Early Adopter programme for the use of generative AI is launching today. Those involved will help shape how AI is integrated into the financial advice process in Dynamic Planner to drive automation and personalisation. AI within Dynamic Planner will capture unstructured data from client meetings, transcribe and summarise it, automate and personalise the suitability assessment process and report creation. Crucially, annual review report creation times are being targeted for simple clients and cases to be reduced from the five minutes already experienced by the top 20% of Dynamic Planner users - to under five seconds.
Dynamic Planner has developed a five-point charter for the application of AI within the platform to ensure safety. With AI a fast moving, but still emerging, technology, Dynamic Planner has set out how it will use the application of AI in a safe and secure manner. The charter covers five commitments: Data security, fairness, transparency, compliance, and responsible use.
A new Insights module will provide firms with a suite of reports to monitor and manage their clients and their businesses and deliver automated actionable intelligence. Reports cover all client, advice and planning activity undertaken in Dynamic Planner including reporting on ongoing servicing tailored to meet FCA information requests.
In addition, Dynamic Planner is launching holistic Fact Finding to extend its end-to-end support for the regulated advice process. The new fact find is optimised for use on smartphones as well as web browsers and will also be available through Tram. These new enhancements will speed up the Know Your Client process for firms and make their services more accessible and engaging to clients.
Ben Goss, CEO of Dynamic Planner, said: “As advice technology pioneers we continuously ask ourselves about the role we can play in helping everyone who wants financial advice to be able to access it and firms to be able to provide it even more compliantly and profitably.
"It’s well understood that while four million people benefit from personal advice currently, 12 million more would pay for it if it could be made more accessible and affordable. It is also true that firms often face an internal ‘advice gap’ struggling to profitably serve smaller value clients or the next generation of client. The power of personal financial advice is clear, but the barriers remain and cost to serve is an ongoing challenge.
“So where does technology come in to making this very human aspect of advice more accessible to more people? The combination of end-to-end process support including for smartphones, data driven processes and automation is the catalyst. It will create the capacity that’s needed; it will lower the cost to serve; it will help advice firms confidently meet the regulations; but most compellingly, it will enable the advice industry to scale the human element of what it does - acting as professional advisers and coaches to the many existing and new clients who need and want personal advice.”
