AI tools have had a very “superficial” impact on financial advice so far.
That’s according to today’s guest Simon O’Keefe, founder and CEO of Alcova, an AI adoption and safety company for Australian wealth management firms.
He believes AI can be a “big unlock” for persistent capacity constraints the industry faces. But that so far, financial advisers are using it in ways that barely scratch the surface of what the technology can do.
In this episode, Simon joins Ally to explain why note-takers and copilots aren’t transforming advice businesses, what an AI-native advice practice could look like, and why the traditional CRM model may be under threat.
By the end of this episode, you’ll have a clearer picture of what AI could actually change in financial advice, and how to prepare your practice for it.
Chapters:
00:00 AI’s Adoption Problem
03:14 Why AI Adoption Takes Time
05:42 The Problem With AI Tools
07:49 The Future Advice Tech Stack
09:53 Is Your Client Data Safe?
12:49 Future-Proofing Your AI Strategy
15:29 Who’s Actually Using AI Well?
17:52 How Leading Firms Use AI
20:29 One AI Experiment To Try
23:59 AI Isn’t Driving Growth Yet
📈 Stocks and ETFs Mentioned: Salesforce (NYSE: CRM)
This episode was recorded on 11th August, 2026.
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CPD Points: This episode is accredited for the following CPD points by the Financial Advice Association of Australia (FAAA). Complete the quiz here to claim your points.
0.5 Total Hours
Knowledge Requirements: Practice Management (0.50 hour)
Legislated CPD Area: Client Care & Practice (0.50 hour)
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This episode has been sponsored by Alcova AI. To see how Alcova can future proof your AI roadmap head to alcova.ai
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