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AI in wealth management for advice firms

Most AI in wealth management that a UK advice firm meets writes things down: intelliflo IQ, AdvisoryAI and Aveni Assist turn meetings into notes and draft suitability reports, and Saturn automates file checks. We build the work around your back office: reviews owed, files to check, data moving between platform and CRM, with AI reading and drafting and an adviser signing off everything a client sees.

The FCA does not plan extra rules for AI: existing rules such as the Consumer Duty and the Senior Managers regime apply. A firm advising through an automated system remains responsible for the suitability assessment, and in October 2026 the FCA published good-practice examples, such as recording whether staff approved, overrode or escalated each AI output.

Start a projectWhat we would build

Where the time goes

  • Fact finds and onboarding

    The firm gathers the information the suitability rules require, including ability to bear losses and risk tolerance, and checks it is reliable. Where the Money Laundering Regulations apply, customer due diligence comes at the start. Existing plans arrive from providers as letter of authority (LOA) packs.

  • Meetings and file notes

    After each meeting someone writes the file note, captures soft facts, updates the fact find and sends the follow-up. Where SYSC 10A applies, a MiFID optional exemption firm serving mainly retail clients may minute a call instead of recording it.

  • Suitability reports

    For investment advice, a retail client gets a suitability report before the transaction is concluded, saying how the advice meets their preferences, objectives and other characteristics. Pensions and life policies follow COBS 9.4, with their own timing. Paraplanners and advisers draft each one from the fact find, risk profile and meeting.

  • Annual reviews

    An ongoing adviser charge must pay for a disclosed service the client can cancel. In February 2025 the FCA found reviews delivered in around 83% of promised cases at 22 large firms, and said all firms should consider whether they can evidence delivery, with proactive reviews going back to 2018. In March 2026 it proposed replacing the annual review with periodic reviews based on clients' needs (CP26/10).

The systems you already run

  • intelliflo office

    Back office and CRM with more than 140 integrations in the intelliflo Store. Its APIs use OpenID Connect and OAuth2, with webhooks per event type.

  • Xplan

    Iress lists 173 Xplan integrations, mostly provider feeds such as bulk valuations from Transact and Nucleus. We found no public API documentation: Iress points implementers to its customer Community, so we would start there.

  • Curo

    Built on Microsoft Power Platform. Curo offers new integrators self-service access through the Microsoft Dataverse API, a RESTful OData service. AdvisoryAI, Saturn and Dynamic Planner are among its listed integrations.

  • Plannr

    A CRM for advice firms. Plannr says every piece of data it holds is available through its API, which is documented with OpenAPI specifications, and its automations can call a webhook.

What we would build

  • Ongoing service tracker

    Reads each client's agreed service and charge from the back office, sets the review date and logs every offer, decline and completed review. It flags anyone paying an ongoing charge with no review in the period, so the evidence is a report, not a file search.

  • Meeting notes into the back office

    Turns a Teams or Zoom transcript into a draft file note, soft facts and proposed fact-find changes. The adviser approves each change before it is written to the client record through the API, and minuted calls get the details the rules require.

  • Report drafts with an audit trail

    Drafts the suitability report or review letter in your template, linking each statement to its source. The adviser signs, and the system records the prompt, output, model version and whether the reviewer approved, overrode or escalated it, as the FCA's examples describe.

  • File checks before compliance

    Checks each file for due diligence, an in-date risk profile, capacity for loss, a report consistent with the fact find, and vulnerability notes followed up. Each flag goes to a named person to clear, and the results feed your board's Consumer Duty report.

Where AI helps

AI should not make the recommendation, set attitude to risk or capacity for loss, or decide whether a client is vulnerable: the firm stays responsible for suitability. The FCA warns against assuming an LLM can reliably identify vulnerability, and against human review becoming box-ticking.

  • Writing up a meeting from its transcript into a file note and proposed fact-find changes, with the adviser approving each change.
  • Drafting suitability reports and review letters with each statement linked to its source, for the paraplanner to edit and the adviser to sign.
  • Reading LOA packs into plan records and checking files for gaps, with a named person clearing each flag.

How we would start

We would start with one adviser's annual reviews: where the ongoing service agreement is recorded, how platform valuations arrive, and what compliance checks. The first working version would connect to your back office's API, list every client due or overdue a review, and log offers, declines and completed reviews with dates. It would draft each review letter from the meeting transcript and fact find, for the adviser to edit and sign.

That first stage, the design and a written scope, typically takes one to three weeks. Like every stage, its price is fixed and agreed before it starts, and you can stop after it. How a project runs

Rules we build around

The software keeps the records these ask for. The duties stay with you.

  • COBS 9A.2 and 9A.3: suitability

    Obtain knowledge and experience, financial situation including ability to bear losses, and objectives including risk tolerance, with fit-for-purpose risk profiling tools. Give a retail client the suitability report in a durable medium before the transaction is concluded and, where periodic assessments are promised, review suitability at least annually.

  • COBS 6.1A.22R: ongoing adviser charges

    A charge payable over time must be for a disclosed ongoing service, with a right to cancel that is reasonable, without penalty and without the client giving a reason, unless it relates to a product with regular payments and the firm has disclosed that no ongoing service will be provided.

  • Consumer Duty (PRIN 2A) and FG21/1

    In force since July 2023, and since July 2024 for closed products. Firms must monitor the outcomes retail customers receive, and the governing body reviews and approves a report on them at least annually. FG21/1 expects systems to note and retrieve customers' needs.

  • COBS 9.5.2R and SYSC 10A: records

    COBS 9 suitability records are kept indefinitely for pension transfers, conversions and opt-outs, and at least five years for life policies and personal pensions, three years otherwise. Where SYSC 10A applies, recordings and minutes are kept for five years, up to seven if the FCA asks, in a form that cannot be altered.

  • Money Laundering Regulations 2017, regulations 27 and 40

    Where a firm is in scope: customer due diligence when a business relationship starts and at other appropriate times on a risk-based approach, with the documents and transaction records kept five years after it ends, then the personal data deleted unless an exception applies.

Questions

Our back office already has AI. Do we need anything else?

Often not. If wealth management AI such as intelliflo IQ, AdvisoryAI, Aveni Assist, Saturn or Dynamic Planner covers your notes and report drafts, buying it is the better answer. We build what no single tool covers: review tracking, file checks, platform data and board reports.

Can AI write our suitability reports?

It can draft them. The firm stays responsible for the suitability assessment whatever produced the draft, so the adviser reads, edits and signs every report, and the system keeps each version and who approved it.

Will it work with our back office?

intelliflo publishes APIs with OAuth2 and webhooks, Plannr documents its API with OpenAPI specifications, and Curo opens the Microsoft Dataverse API to integrators. For Xplan we would start with Iress.

Are there FCA rules on AI for financial advisers?

No AI-specific ones: existing rules apply. The FCA's October 2026 examples describe firms keeping records of consumer prompts, outputs and model versions, testing for unfair differences between customer groups and staying accountable for AI bought from vendors.

Related

Other industries: Mortgage brokers, Insurance brokers, Accountants.

Sources

Every rule, date and figure on this page comes from the sources below, checked on 31 October 2026. Rules change: check anything that matters with the source or your adviser.

The 30 sources

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