AI promises huge improvements to the way advisors work, provided they don't misuse it
Artificial intelligence isn’t coming for your job, but financial advisors who know how to harness it are already doing theirs better, faster, and more thoughtfully.
In this business, where trust, empathy, and nuance are everything, the real threat isn’t AI, it’s advisors misusing it.
Lately, we’re seeing virtual assistants and AI-powered phone agents popping up across Canadian financial firms. Some are flashy, some are functional, but many miss the point. When markets are choppy and clients are worried about their retirement plan, no one wants to “press 1 to speak to a virtual assistant.” They want to talk to someone who knows them, who gets what’s keeping them up at night, and who can confidently walk them through the noise.
That's the difference between information and advice. AI can deliver the former in milliseconds. The latter? That’s still our job.
Still, ignoring AI altogether is a mistake. The right use of AI can lighten the busywork and create more space for real conversations, the kind that build loyalty and trust, and the advisors who understand this are already ahead.
So, where does AI fit in?
Start with time-saving tools that don’t touch the client relationship. Transcription software can make notetaking effortless. AI-generated meeting summaries can be pulled instantly, leaving you free to focus on the actual conversation instead of trying to capture every word.
AI-driven scenario planning is another game changer. Tools that can instantly model multiple retirement, tax or cash flow strategies give you an edge, not because they’re deciding for you, but because they’re speeding up the technical groundwork. You still provide the context, judgment, and personal touch, but you get there faster, and with more data at your fingertips.
It’s like having a junior analyst who never sleeps and never complains about Excel.
AI is fast, but fast isn’t always right.
Many advisors are already using AI tools to draft emails, answer client questions, or research financial topics. Used well, it’s a powerful assistant, but there’s a growing risk in relying on AI-generated information without having a keen eye.
Sometimes the answers are inaccurate. Sometimes they’re outdated. And sometimes, they’re just plain wrong, but sound convincing. Like when Google’s AI summary suggested adding glue to pizza.
AI tools generate responses based on a mix of publicly available information, data sourced through third-party collaborations, and user input. While some tools have access to real-time information, many rely mostly on pre-existing data that can be outdated or incomplete. This means their answers are not always accurate. When advisors use AI without careful review, they risk sharing misinformation with clients, which can harm trust and credibility.
We’ve already seen AI recommend U.S. tax strategies that don’t apply north of the border or fabricate a CRA guideline out of thin air.
That doesn’t mean we should avoid using AI to help us think through problems or summarize key ideas. But it does mean we need strong guardrails including double-checking sources, verifying facts, and knowing when to pause and ask, “Does this actually make sense?”
This is where human judgment remains unmatched.
Where doesn’t AI belong?
Anywhere it risks replacing the human connection.
Automated check-ins might be fine for prompting clients to submit their tax documents, but if your client just sold a business, lost a spouse, or thinking about how to leave a legacy for their family, they don’t want a bot. They want you. And if they don’t get you, they might look elsewhere.
There’s a paradox here. The better AI gets, the more valuable our human side becomes.
By removing the administrative clutter, AI forces us to show up where we matter most, interpreting, guiding, empathizing. It raises the bar, not lowers it.
The best advisors won’t be the ones who ignore AI, nor the ones who blindly embrace it. They’ll be the ones who ask better questions, apply better judgment, and use better tools to serve their clients.
AI can help, but it’s still on us to lead.
Diandra Camilleri is an associate portfolio manager with Verecan Capital Management Inc. in Burlington, Ont. Verecan Capital Management Inc. is a registered Portfolio Manager, see website for details.
