Paraplanners being replaced by AI (again)

richallum

Comments at the end of this

https://www.moneymarketing.co.uk/21-2-36-ian-mckenna-a-glimpse-into-the-adviser-tech-future/

eleanorpalmer

"I hear many advisers bemoaning the fact administrators frequently think major pay rises can be earned just by changing their job title – this trend will probably reverse quite rapidly."

Hmm. Not sure I think paraplanning is as simple as a change of job title! I've heard there are firms who have "paraplanners" whose daily role is actually more of an administrator's - is that what he's thinking of?

richallum

IT reads as though he's confused about what a paraplanner actually does. There's admin, report writers and paraplanners. All valuable, all different, can also be the same person. Part of any of these roles will be taken over by AI (as in most industries) but the tech isn't close yet for critical thinking, strategy, empathy etc. The machines will rule us all one day but not just yet.

benjaminfabi

Also, I think this is aimed at the sole trader who has, over the last few years, had to employ people to do some of the work. Tech will help this business model revert to one where that adviser can do it all.

If you are a sole trader then your income will have taken a hit with all the additional compliance burden. But now with iO linking up with loads of software it's getting close to the point where all this can be done from a single system environment. Link iO to the platform, eValue, FE, O&M and Genovo and you've got it covered.

Will it look nice, probably not.
Will it tick a box if you are a product intermediary, without having to take staff costs off your bottom line, probably.

StuartBFM

I'm sure it was this guy saying the same things at the Morningstar conference last summer and how advisor's tell him their biggest complaint is how much paraplanners cost. Aside from the content annoying me a bit, his manner was pretty arrogant. Didn't take to him at all.

richallum

I think it was him.