While Artificial Intelligence (AI) is often lauded for its efficiency and time-saving capabilities, its true potential lies in enabling financial advisors to expand their services to underserved clients and strengthen existing relationships. This article explores how AI can transform the financial advice industry by shifting the focus from simple efficiency to meaningful impact.

The Appeal of Time Savings

Recently, an advisor shared online that the most compelling use case for AI they had encountered was the ability to get home earlier. The post garnered a positive response, as reclaiming valuable time is a common and understandable goal. AI is making this possible, and the resulting enthusiasm is well-founded.

Industry Focus on AI

Over the past few months, the financial advice industry has seen a significant increase in focus on AI. Panels dedicated to the topic are now standard at industry conferences, and vendors are actively integrating AI capabilities into their products. Advisors are currently leveraging AI to streamline tasks like note-taking and email drafting.

The Value of Time Reclaimed

If an advisor can reduce a five-hour weekly task to just five minutes using AI, the time saved is substantial. However, much of the current conversation centers on using AI to simply perform existing tasks more quickly. This perspective, while understandable, can be limiting.

A Shift in Perspective: Beyond Faster

Focusing solely on efficiency assumes the current workload represents the entirety of an advisor’s potential. The primary goal shouldn’t just be faster notes or more clients, but rather a fundamental shift in what’s possible. When AI eliminates time-consuming friction, it opens doors to activities previously unattainable.

Re-evaluating Priorities

This shift requires a new line of questioning: not just “How can I do what I already do, but faster?” but “What would my practice look like if the constraint of time largely disappeared?” Practically, this means identifying clients who deserve more attention, strengthening superficial client relationships, and reaching individuals who have historically been excluded from financial advice due to economic constraints.

Expanding Access and Deepening Relationships

The most promising future for advisors isn't simply increased profitability through faster work. It’s the ability to engage in activities previously out of reach, such as meaningful conversations with clients’ families and providing advice to individuals who don’t meet traditional asset thresholds.

While getting home earlier is a legitimate benefit, it represents a modest ambition for a technology capable of fundamentally transforming financial advisory work and expanding its reach. The advisors who will ultimately find the greatest satisfaction are those who view AI as a tool to reclaim time and then ask how to best utilize that time—not just for their own benefit, but for the benefit of their clients.

Diandra Camilleri is an associate portfolio manager with Verecan Capital Management Inc. in Burlington, Ont.