AI – it’s the buzzword on everyone’s lips, and the financial advice sector is no exception. In a recent episode of IFA Talk, Amal Jolly, Chief Executive and Co-Founder of Saturn, and Rohit Vaish, Saturn’s Co-Founder and President discuss how AI is transforming financial advice – and what it could mean for financial advisers and their firms.
“Advice firms are looking to streamline everything from client onboarding to report writing,” says Amal. But as he explains, it’s not just about efficiency – it’s about making advice more accessible. “For the first time in the last couple of years, we are able to talk with AI,” he says. “The advice industry has for the longest time been burdened by a lot of regulatory side of things, and now we’re seeing AI solutions that can actually help.”
Rohit offers a slightly different angle, noting that the excitement around AI is driven by more than just cost savings. “There’s a lot of curiosity about what could be possible in an automated organisation,” he says. But he cautions that firms need to channel that excitement productively. “If you misplay with hope, you can let a lot of people down,” he warns.
More than just automation
The potential of AI extends far beyond administrative tasks. Amal discusses how AI can revolutionise financial coaching and human-led financial planning. “What we believe in the next 10 to 15 years is that there’s going to be more financial coaching and human-led financial planning,” he states. The goal? To free up advisers from repetitive, data-heavy tasks so they can focus on delivering strategic, client-centric advice.
For Rohit, the integration of AI goes beyond mere automation. “The firms that are going to thrive are the ones that adopt a best-of-suite approach rather than just best-of-breed,” he says. This shift involves not just implementing new technology but embedding it into the very fabric of the firm’s operations. He emphasises the importance of communication within firms, suggesting that it is vital to identify key voices who can articulate specific problems AI can address.
Accessibility and the advice gap
One of the standout points of the conversation is the discussion around accessibility. Amal highlights a staggering statistic: “Currently, about 19 million people in the UK want financial advice but don’t receive it.” With AI, the potential to close this gap is enormous. “By reducing the cost of service, AI could help make financial advice more accessible to those with less investable assets,” he says.
The advice gap has been a persistent issue in the financial sector. Many firms focus on high-net-worth clients, leaving those with fewer assets underserved. But as Amal points out, AI could be the bridge that connects these untapped segments with professional advice. “If we can reduce the cost to serve, we can open the door to financial advice for millions more people,” he adds.
Cultural shifts and strategic adoption
Rohit stresses that successful AI integration requires more than just new tech – it requires a cultural shift. “We recommend that firms identify the problems they want AI to solve, rather than just using AI for the sake of it,” says Rohit. This approach ensures that AI solutions are tailored to real business needs, rather than being implemented haphazardly.
Moreover, he advises that firms adopt a ‘proof of concept’ model, where they can test AI solutions in a controlled environment. “This way, you can get buy-in from all levels of the organisation,” he explains. “It’s not about early adopters versus blockers – it’s about bringing everyone along for the ride.”
Succession planning and futureproofing
Amal also touches on the broader implications of AI for succession planning within financial firms. “The advice industry has for the longest time been burdened by a lot of regulatory side of things,” he says. As the industry grapples with an ageing adviser population and the ongoing challenge of attracting new talent, AI could play a key role in bridging the gap between experienced advisers and newcomers to the field.
For younger advisers, AI could become a vital tool in levelling the playing field. Rohit notes that by integrating AI, firms can empower junior staff with advanced tools that can replicate the expertise of senior advisers. “It’s like having a junior paraplanner in the back office, running data analysis, compiling reports, and managing repetitive tasks,” he says.
Amal adds that AI could also support firms in attracting new talent. “Younger professionals are more tech-savvy, and if firms can present AI as a career development tool, they can position themselves as forward-thinking employers,” he suggests.
The psychological impact of AI adoption
While the potential benefits of AI are clear, Rohit urges firms to remain realistic about what AI can and cannot do. “If you misplay with hope, you can let a lot of people down,” he cautions. AI is a powerful tool, but it’s not a magic bullet. “We need to manage expectations carefully,” he adds.
The psychological aspect of AI adoption is often overlooked, but it’s a key consideration for firms looking to implement new systems. Rohit suggests that firms prioritise open communication and transparency to alleviate concerns about job displacement and workload changes.
What the future holds
The episode concludes with a forward-looking perspective. “AI is going to touch almost every part of the advice journey,” says Amal. From client onboarding to report writing, and data amalgamation to compliance, AI is set to become a fixture in financial firms’ operations. But it’s not about replacing human advisers – it’s about enabling them to do their jobs more effectively, efficiently, and empathetically.
Amal predicts that in the next decade, AI could enable firms to reduce their cost-to-serve by up to tenfold. “Imagine being able to provide comprehensive advice to someone with just £50,000 in assets – that’s the future we’re aiming for,” he says.
Rohit, however, stresses the importance of not losing the human touch. “Financial advice is ultimately about people, not data,” he reminds listeners. “If AI is used correctly, it can amplify that human connection, not replace it.”
And as Saturn’s co-founders emphasise, the key to success lies in integrating AI thoughtfully, ensuring that it amplifies the human element rather than overshadowing it.
You can listen to the full IFA Talk podcast episode and hear more from Amal and Rohit by using this link: https://staging.ifamagazine.com/podcasts/.
About Amal Jolly
Amal Jolly, co-founder of Saturn, building the operating system for financial advice. With extensive experience in banking, wealth tech, and RegTech, Amal has been a tech operator who has built solutions that improve process efficiency and growth for top-tier financial advisers, financial services, and FinTechs.
About Rohit Vaish
Rohit Vaish, co-founder of Saturn, building the operating system for financial advice. Rohit has extensive experience at a top 10 global asset manager. Specialising in operations, product management, and team-building, Rohit has a deep understanding of the financial sector and its regulatory challenges. He has experience of building technology products and commercialising them in a variety of industries, including FinTech and EdTech.
