Show Notes
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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Basis Points is a product of Equity Mates Media. This podcast is intended for education and entertainment purposes. Any advice is general advice only, and has not taken into account your personal financial circumstances, needs or objectives. Before acting on general advice, you should consider if it is relevant to your needs and read the relevant Product Disclosure Statement. And if you are unsure, please speak to a financial professional. Equity Mates Media operates under Australian Financial Services Licence 540697. Hosted on Acast. See acast.com/privacy for more information.
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