“‘No need for paper’ as AI emerges”

Jan 9, 2024 | Financial Services

That’s all very well, and we’re happy to have been officially paper-free for many years now; as in we don’t have any paper files, everything’s stored securely online and it all works very well. We, as advisers are not the problem. It’s the many providers, with presumably huge IT (is it still called that?) departments which seem incapable of doing stuff in a 21st century, online manner. We still get 2 or 3 letters a day from each of half-a-dozen big insurance and pension companies, all of which we have to open, scan and shred. OK, it keeps a postie or two in a job, but otherwise, what an utter waste of time, money, and effort. Ask them why, and they’ll blame ‘legacy systems’ which are apparently too expensive and complex to change and just can’t stop churning out the paper. Which, of course, we’re all paying for on a daily basis…

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“Advisers fearful of further compliance and regulation”

“Advisers fearful of further compliance and regulation”

We know, of course we know, that regulation is, or at least should be a ‘good thing’. If those who need or should seek advice can be confident that they’ll be told the right thing, that someone has looked at those ’too good to be true’ investments before they’re allowed to take your money; or, in the case of a Woodford, while they’re raking it in to make sure it’s going where it’s supposed to.