AI for financial advisers and planners

Meeting notes and suitability report drafting

The paperwork around advice is where AI helps most. A meeting can be transcribed and turned into a file note in your format, with the client’s objectives, attitude to risk and key facts picked out. Those details can then go into the fact-find, with anything missing flagged so the adviser can follow up.

Suitability reports are the bigger prize. A paraplanner who starts from a draft built from your templates, the fact-find and the adviser’s recommendation can spend their time checking the reasoning and the numbers instead of retyping background sections. The recommendation itself stays with the adviser, and the report stays the firm’s responsibility.

We build these tools so every statement in a draft can be traced back to where it came from: the transcript, the fact-find or the provider data. That makes checking quicker and makes it obvious when the AI has filled a gap it shouldn’t have.

What the FCA expects

The FCA has been clear that it isn’t writing a separate rulebook for AI. On its page AI and the FCA: our approach, it says: “We do not plan to introduce extra regulations for AI. Instead, we’ll rely on existing frameworks, which mitigate many of the risks associated with AI.” In practice that means the Consumer Duty and the Senior Managers and Certification Regime apply to AI as they do to everything else.

In October 2026 the FCA published AI in financial services: good practice and areas for improvement. It describes firms that “used AI systems to support rather than replace people’s judgement”, and others where there was a risk of “human review of AI outputs being a ‘box-ticking’ exercise, rather than meaningful oversight.” It also highlights firms that kept “records of consumer prompts, outputs, model versions, applied filters and escalation decisions”.

We design for those points from the start: a qualified person reviewing each output properly, records of what the AI produced and what changed, and clear escalation when something looks wrong. We handle the technical side and don’t give regulatory advice. Your compliance team and senior managers stay accountable for how AI is used.

Client data and private AI

Advice files hold some of the most sensitive data a business can have: income, health, family circumstances and pension details. Recording client meetings with a free note-taking app, or pasting a fact-find into a personal ChatGPT account, is a real risk.

For many firms, private AI is the right answer. Transcription and drafting run on hardware in your office or a private cloud you control, so recordings and client data never go to an outside AI provider. Where a cloud service is the better tool, we use business terms that keep your data out of model training and show you exactly what goes where. A data protection impact assessment and an update to your privacy notice usually complete the picture.

Specialist adviser tools or something built for you?

There’s a growing range of AI tools made for advisers, from meeting note-takers to report writers. Some are good, and if one fits your process and your back-office system, it may be the quickest route. Check where it stores recordings, whether it trains on your data and how it records what it produced.

A custom set-up suits firms with their own report style, an unusual process, or a need to keep everything in-house. We connect to your back-office system and templates, and we’re independent, so we’ll tell you honestly when a specialist product is the better answer.