How AI can help advisors to deepen client relationships

Advisors are in a better position to succeed when they can spend as much time as possible servicing their clients. Technology can remove some of the administrative burden. But the right tools can also help advisors make the most of their client-facing time.

What if you could not only have greater insight than ever into your clients’ needs and wants, but also anticipate them? Artificial intelligence (AI) and data analytics are making it possible, and when used in tandem with your professional expertise, that’s a powerful combination.

Integrating AI into Canada’s financial advisory sector is transformative. Balancing technological innovation with data integrity, security, and regulatory compliance is essential — so is understanding how to leverage AI’s potential.

Sterling Mutuals has been an early adopter of many technology solutions because we know how these solutions enable advisors to do their jobs even better. Recently, that has included AI capabilities. Here are five considerations for making the most of such tools.

1. Focus on where AI can fill some knowledge gaps

You may know a great deal about the top 20 percent of your clients, but it’s hard to know all of your clients intimately. While every client is an individual, and you want to paint as detailed a picture of them as you can, each client also tends to fall into a category.

An AI-generated report can place clients within a demographic group and observe trends based on aggregated data points. That’s useful intelligence.

If you want to glean more about client X, you can discover that couples like them tend to be at a particular point in their financial trajectory. That might indicate an opportune time for certain discussions, whether about products or decisions, and prompt topics to raise.

2. Use AI to become even more personalized

AI analysis may seem impersonal, but its insights empower you to deliver a more personalized experience. For instance, AI gives you the data norm. If you see your client is an outlier, why? Are they not telling you something that’s relevant to their financial future? Do they have other income or investments you don’t know about it?

You won’t learn the answers from AI, but you’ll have a solid starting point to ask the right questions to get to know your client even better.

3. Limit the risk of your clients leaving

Part of our AI platform is retention and engagement scoring. You’ll have cues for when you might want to be reaching out more, to provide extra hand-holding or increased communications.

The AI platform can also alert you to warning signs. For instance, why would a client who’s at non-retirement age be asking for monthly income routinely? Perhaps because you’ve misread their situation, and they may be growing unhappy with you as a result. These cues can help advisors to take a closer look at their clients’ situations.

4. Improve your overall efficiency

Any technology should free your time. AI is part of our OneBoss back-office system, our advisors never have to leave the platform. Know Your Client, document management, suitability reviews, voice notes — everything is in one place.

Advisors juggle many tasks, but there’s only so much time in the day. AI and other tech tools help you to ease your burden and maximize that time. It’s not just about the individual tools, but about how they can operate more seamlessly.

When advisors are considering changing firms, they have many questions. Here’s a great one to ask: What supports are in place — from tech to personnel — that enable me to spend less time on paperwork and number crunching and more time with my clients?

5. Have an open mind

As with any great tool, AI should be used to support you in meeting your clients’ needs. New technology can feel daunting, often leading to hesitation or even resistance. In a financial advisory setting, it’s completely understandable to believe that no machine could understand your clients as well as you do.

You do know them best. But the point is to develop an even deeper understanding of your client, in any way, so you can enhance your service and have more productive conversations.​ That serves the well-being of clients and advisors alike.

---

This three-part series offers insights into what advisors can do to position themselves for success. Learn more about how Sterling Mutuals can help you meet your clients’ needs and plan for the future.