Why financial advice has an AI problem (and what actually fixes it)

AI tools have had a very “superficial” impact on financial advice so far.

That’s according to today’s guest Simon O’Keefe, founder and CEO of Alcova, an AI adoption and safety company for Australian wealth management firms.

He believes AI can be a “big unlock” for persistent capacity constraints the industry faces. But that so far, financial advisers are using it in ways that barely scratch the surface of what the technology can do.

In this episode, Simon joins Ally to explain why note-takers and copilots aren’t transforming advice businesses, what an AI-native advice practice could look like, and why the traditional CRM model may be under threat.

By the end of this episode, you’ll have a clearer picture of what AI could actually change in financial advice, and how to prepare your practice for it.

Chapters:

00:00 AI’s Adoption Problem

03:14 Why AI Adoption Takes Time

05:42 The Problem With AI Tools

07:49 The Future Advice Tech Stack

09:53 Is Your Client Data Safe?

12:49 Future-Proofing Your AI Strategy