Summary - Enhancing Your Technology, Business & Client Experience 4

In the rapidly evolving world of financial advice, technology and artificial intelligence (AI) promise opportunities to improve efficiency, bolster client relationships, and enable advice practices to scale responsibly. However, adopting these tools brings new questions about ethics, data integrity, and how to preserve genuine human connections. In this article, we explore how professionals can navigate the introduction of advanced technologies—particularly AI—in a way that protects client interests, upholds professional standards, and empowers the entire team.

This discussion draws from an enlightening episode of The Ensemble Podcast, featuring host Sacha Loutkovsky and guests Drew Meredith, Director and Financial Advisor at Wattle Partners, and Peter Worn, Joint Managing Director at Finura. Their conversation focuses on how Wattle Partners integrated AI and other digital tools to refine client engagement, reorganize their workflows, and position themselves for future growth. They also discuss the importance of clarity in a business’s “North Star,” culture, and the broader ethical implications of adopting new technology in financial services.

Disclaimer and Context

This article is based on publicly available information and insights shared in The Ensemble Podcast series. The content is for professional financial advisors and does not constitute personal financial or investment advice. While sponsored by Avanteos Investments Limited (ABN 20 096 259 979, AFSL 245 531) and Colonial First State Investments Limited (ABN 98 002 348 352, AFSL 232 468), neither the podcast host nor the guests are providing specific recommendations. Before acting on any general advice in this article, consider whether it is appropriate to your circumstances and seek personalized guidance from a qualified financial advisor. If a Product Disclosure Statement (PDS) or Information Memorandum (IM) exists for any discussed product or service, obtain a copy and review it carefully before making any financial decision.

1. The Importance of a “North Star” in Tech Adoption

Early in the podcast, Drew Meredith explains how Wattle Partners faced a unique challenge: they specialized heavily in retirement services, resulting in a rapid influx of new clients. While this expansion was welcome, it quickly created administrative bottlenecks and workload pressures that threatened the quality of service for existing clients. The firm realized that simply throwing more staff at the problem wouldn’t suffice; they needed to refine their business processes and adopt new technologies to handle the increased demand responsibly.

Enter Finura. As an independent wealth-tech consultancy, Finura’s role is to guide advice firms through the complexities of selecting and integrating software solutions—especially for small to mid-sized firms that may not have the in-house expertise or dedicated IT staff. Peter Worn emphasizes that before any major technology revamp, it’s essential to define a guiding purpose or “North Star.” For Wattle, their North Star was crystal clear: to maintain quality advice and seamless client experiences while scaling operations. This guiding principle then shaped the subsequent decisions, from the choice of customer relationship management (CRM) systems to the creation of automated workflows.

A lesson for all advice practices is that technology should not be seen as a solution in itself, but as a means of achieving well-defined strategic objectives. No matter the size of the firm—whether you have five staff or 50—clarifying the overarching goal ensures that every technology choice serves a bigger vision.

2. Conducting a Thorough Business and Tech Analysis

After establishing the North Star, Finura’s next step was to conduct a deep dive into Wattle Partners’ business processes. This required:

1. Mapping all existing workflows – from lead management and prospect onboarding to ongoing advice production and revenue tracking.
2. Identifying bottlenecks and redundancies – tasks that were repetitive, prone to human error, or required double-entry of data.
3. Assessing current software solutions – determining if those solutions were fit for purpose or if consolidation could reduce complexity.

Many advisory firms fall into the trap of adding software tools incrementally over the years. While each tool may serve a function, over time the systems can become a patchwork, leading to data fragmentation and inconsistent processes. Wattle Partners discovered they were spending significant time cross-referencing multiple databases, which ate into resources and created operational risk.

Key takeaway: A robust, ground-level analysis of existing processes is paramount. Technology can only amplify what already exists—if a process is poorly designed or has weak data structures, layering tech on top will often worsen the problem. By auditing every step in their client journey, Wattle Partners could establish a streamlined, standardized approach, making the subsequent technical integrations more impactful.

3. Leveraging AI Where It Matters

When people hear “AI in financial advice,” they might imagine automated investment decisions or chatbots that talk directly to clients. Drew Meredith clarifies that in Wattle’s case, AI and automation serve primarily to support the business and the advisory team from behind the scenes, rather than replace or overshadow human judgment. This means:

• Automated Communication: Triggered emails and messages during onboarding or review cycles so clients stay informed without a team member having to draft each communication manually.
• Transcription and Meeting Summaries: Tools like Otter or Microsoft Copilot can record internal meetings, generate action points, and create an easily searchable record. This knowledge bank not only reduces the risk of missing key follow-ups but also becomes a training asset for new hires.
• Content Generation: Using AI to brainstorm blog topics, social media posts, or client education pieces. Advisors often struggle to keep their marketing fresh; generative AI can boost creativity. Once the core content is drafted, professionals can refine it to ensure it meets compliance and brand standards.

In all these applications, the critical point is human oversight. AI can indeed accelerate tasks and spark new ideas, but the final say must come from an experienced, ethically-minded individual who understands the client, the regulations, and the firm’s values. Clients deserve the reassurance that while technology aids the advisory process, it does not replace professional accountability.

4. Professionalism, Ethics, and Data Integrity

Every professional advisor has a duty of care to act in the client’s best interests—a principle that extends to the technology decisions made within the practice. Ethical considerations must be front and center:

1. Transparency: If generative AI is used to draft communications or produce preliminary research, some clients may appreciate understanding how these messages are created. Especially as AI becomes more common, questions of “What’s real and what’s AI-generated?” become relevant. Full disclosure fosters trust.
2. Confidentiality and Data Protection: Advisors handle highly sensitive client information. Ensuring that data remains encrypted, protected from unauthorized access, and is only used for intended purposes is a non-negotiable. AI systems often rely on massive data sets; if any portion of client data is fed into these models, advisors must confirm they are not violating confidentiality.
3. Supervision and Compliance: Firms cannot delegate regulatory responsibilities to an algorithm. If AI suggests a course of action that leads to poor advice, the firm remains responsible. Maintaining clear governance structures—where final checks and compliance reviews are conducted by qualified humans—is critical.
4. Ownership of Outputs: Advisors must consider the intellectual property and liability questions surrounding AI-generated content. If a piece of analysis is produced in part by an AI model, does the firm claim ownership and responsibility? The ethical and legal view is generally that if you present it to a client, you own it.

By positioning AI as a tool rather than a decision-maker, advisors maintain the integrity of their professional role and the spirit of providing client-first advice.

5. Cultural Impacts: Empowering, Not Replacing, People

A pivotal theme in the conversation is people and culture. Drew Meredith recounts that one of the biggest fears among team members was the potential for technology—especially AI—to render certain roles obsolete. This highlights a broader concern in the financial advice industry: Will advanced tools displace human workers?

At Wattle Partners, they found that rather than eliminating positions, technology freed staff from repetitive tasks and gave them more time to focus on strategic, human-centric activities. For instance, paraplanners no longer had to spend hours chasing down routine data points or formatting identical documents. Instead, they could devote more energy to customizing advice for complex client situations.

Firms should address fears by emphasizing:

• Training and Upskilling: Encouraging staff to experiment with AI on smaller, internal projects fosters a climate of curiosity and continuous learning. The goal is to equip employees with the skills to use AI confidently, not to sideline them.
• Alignment with Core Values: If a firm’s values include “innovation,” “client obsession,” or “collaboration,” then AI can be shown to support those values. This alignment underscores that technology complements a firm’s mission, rather than becoming a threat.
• Celebrating Wins: Each time a workflow is automated or an AI-based data cleanse saves hours, leaders can highlight those successes. Recognizing how time saved translates into improved client outcomes helps everyone see the tangible benefits of adoption.

In short, technology must be positioned as an enabler of better human connection, not a replacement for the interpersonal elements that define good financial advice. AI handles routine workflows so advisors can spend more time on empathy, creativity, and strategic thinking—attributes no algorithm can fully replicate.

6. Practical Advice for Smaller Firms

A common misconception is that sophisticated tech stacks or AI-powered solutions are only for larger enterprises. Drew Meredith and Peter Worn note that smaller firms—those with fewer than five employees—often have an advantage in adopting tools quickly because decision-making is more direct. However, they must be mindful of their limited resources. Rather than pursuing multiple software programs that might overlap, small teams can focus on a minimal suite of core tools:

• A Single Robust CRM: Rather than using multiple systems for lead management, client onboarding, and communications, consolidate on a platform that can scale with the firm.
• Cloud-Based File Sharing and Collaboration: Shared drives and real-time document collaboration ensure any team member can access information without friction.
• Quality Over Quantity: Evaluate whether each tech subscription is truly moving the firm toward its strategic goals. Avoid “shiny object syndrome”—the temptation to adopt new apps simply because they are popular or promise quick fixes.

By starting small and integrating AI capabilities through existing platforms (e.g., Microsoft 365 Copilot, Salesforce’s built-in AI features), smaller firms can gain the benefits without overextending their budgets or creating unwieldy data sprawl. The key is staying consistent with a single source of truth, ensuring data remains clean and workflows remain cohesive.

7. Overcoming Common Roadblocks

1. Resourcing and Time Constraints
The greatest obstacle is often the human factor: dedicating staff time to evaluate options, migrate data, or retrain. Drew Meredith admits that while they initially viewed the technology upgrade as a six-week process, it turned out to be far more complex, particularly when also hiring new team members. Their practice manager needed nearly full-time capacity to ensure a smooth rollout.

Recommendation: Factor in double the amount of time you think the project will require. Create clear project timelines and possibly reduce client-facing hours for a short period, ensuring the system transition is done correctly the first time.

2. Data Quality
As Peter Worn stresses, “If your data is in multiple systems and largely inaccurate, AI isn’t going to magically fix that.” Before layering AI-driven functionalities, business owners must invest time in cleaning and standardizing client data.

Recommendation: Conduct a one-time data cleanse. Assign staff or an external consultant to systematically verify records, remove duplicates, and organize files. A stable, accurate data repository is the foundation for every AI or automation project.

3. Balancing Involvement of the Entire Team
Too many opinions can slow progress, but no team input can result in low adoption. Striking a balance is crucial. Wattle Partners chose to keep the final decision-making in the hands of a dedicated project leader, but every department had a chance to share insights at key milestones.

Recommendation: Involve all departments in the initial diagnostic phase so everyone feels heard. As the project moves forward, empower a small, specialized group to make final decisions and keep everyone updated with progress reports.

4. Mergers and Acquisitions
For some businesses, growth involves mergers or acquisitions, adding another layer of complexity. Trying to integrate AI or new systems simultaneously with an acquisition can overwhelm resources and create confusion. If the ultimate goal is to merge client bases under a single tech stack, it might be prudent to pause major tech transitions until the acquisition is complete.

Recommendation: Schedule critical tech projects during stable periods rather than times of major structural change. Transparent communication with consultants about pending deals helps them tailor an approach that accommodates future mergers.

8. Leadership and the Value of Incremental Experimentation

Both Worn and Meredith agree that leading by example is one of the most effective ways to shift culture. When senior leaders openly use AI tools like ChatGPT for content brainstorming or meeting summary generation, it signals the rest of the team that experimentation is encouraged. This transforms AI from a perceived threat into a shared opportunity to expand skill sets and deliver better client results.

In parallel, a test-and-learn mentality can prevent large-scale failures. Instead of rolling out a new AI system across every department at once, pilot it in a specific function—such as marketing or paraplanning—and measure results. Did it truly save time or reduce errors? Did the clients notice an improvement in communication or turnaround? If the pilot yields measurable benefits, it can then be scaled incrementally.

This incremental, data-driven approach not only reduces risk but helps build staff confidence. Each success story—however small—lays a foundation for bigger projects that redefine the advisory practice from end to end.

9. Forecasting Future Opportunities

Even as financial advisors master their current technology stack, new developments in AI are emerging at a startling pace. While no one can predict exactly how AI will reshape the industry, professionals can position themselves advantageously by:

1. Preserving the “Human Element”: The empathy and trust that a human advisor brings is the bedrock of strong client relationships. AI may handle routine administrative tasks or data analysis, but advisors who excel at empathizing with clients’ aspirations and concerns will always have an edge.
2. Building an Organizational “Memory”: Recording internal processes, client interactions, and staff meetings in AI-friendly formats (e.g., transcribed notes) creates a valuable repository of knowledge. Over time, advanced AI can mine this historical data for insights, detect patterns, or guide new hires through a self-service knowledge base.
3. Expanding Educational Initiatives: With administrative burdens automated, advisors have more bandwidth to provide client education. This can strengthen client relationships and differentiate a practice in a competitive market. AI tools can help create personalized educational materials, from newsletters to short videos, increasing client engagement.

Firms that lean into technology without losing sight of professional duties or ethical obligations will likely find themselves at the forefront of an industry where demand for trusted advice continues to grow.

10. Conclusion: Balancing Growth, Professionalism, and Ethics

Technology in financial services is no longer optional—it is fundamental for efficiency, client engagement, and competitive positioning. The Ensemble Podcast conversation between Sacha Loutkovsky, Drew Meredith, and Peter Worn underscores that adopting AI and advanced tech can be a challenging but rewarding endeavor. With a clearly defined purpose, rigorous process analysis, and a commitment to professional and ethical standards, even small firms can harness AI in a way that:

• Frees time for deeper, more strategic client conversations.
• Improves consistency in advice delivery.
• Empowers employees by relieving them of routine tasks.
• Maintains or even increases margins while scaling the business.

Crucially, no piece of technology—including AI—removes the onus on advisors to act responsibly. Indeed, the drive for ethics and professionalism must guide every decision, from vendor selection and data governance to how final advice is presented. A wise approach is to view AI as a feature that complements the advisory skill set, rather than a stand-alone solution that replaces human judgment. As the conversation around AI in financial advice continues to evolve, the best practices shared by Wattle Partners and Finura point the way toward a future in which technology and human advisors work in harmony, offering clients the best of both worlds—efficiency and empathy, speed and sincerity.

By embracing a culture of innovation, ensuring robust compliance frameworks, and valuing the unique strengths each team member brings, advice firms of all sizes can use technology to deliver better outcomes for clients. The journey demands an investment of time, thoughtful planning, and unwavering ethical focus, but the reward is a sustainable practice that confidently meets the challenges of tomorrow.

Accreditation Points Allocation:

0.10 Technical Competence

0.10 Client Care and Practice

0.10 Professionalism and Ethics

0.30 Total CPD Points