financial advisors under scrutiny from the Robo police

Financial Advisors under Scrutiny from the RoboPolice

Financial Advisors are already under the most intense scrutiny. Never have their every move, decision, interaction with clients been analyzed to this degree. And it’s going to get worse.

Robo police 1

Photo Cred: The Protection Booth Podcast

 

Regulatory authorities are now considering the use of artificial intelligence (AI) and machine learning tools to enforce regulatory compliance.

 

Writing for CNBC Ryan Browne discusses UK regulator use of A.I., machine-learning to enforce financial compliance. Further commenting… Experts believe it could drastically reduce the cost of regulatory compliance, currently estimated to be around $80 billion globally.

And referencing. A report published last October by the University of Hong Kong identified the RegTech industry as a field capable of addressing risk in “real time” and increasing the efficiency of compliance.

 

Whilst the financial industry worldwide has taken a big hit in terms of its questionable practices, I wonder if AI is a step too far? Financial Advisors, like many businesses, are already bogged down in regulatory red tape. This next level scrutiny could put significant pressure on them to perform.

 

DNA Behavior has been across these regulatory issues for some time now. They know the importance of having a person complete a process of self-discovery. They understand the significance of revealing natural and instinctive behavior risks, and how they provide the firm assurance, they Know the Client at the deepest level to mitigate compliance risks.

 

AI is limited, it provides prompts and signposting after the event. The DNA Behavior Discovery process uncovers behavioral biases, risk patterns, decision-making approach and reactionary market movement pressure points in advance. This insight gives financial advisors access to the personality of their clients. It helps advisors use independently validated behavioral data to transform their role to the Wealth Mentor by:

  1. Putting their clients at the center of the financial planning process.
  2. Matching their advisory teams, clients, goals, and solutions.
  3. Using customized communication at all stages of the client lifecycle.
  4. Building tailored portfolios.
  5. Behaviorally managing client emotions.
  6. Enhancing compliance and reducing complaints.

 

To learn more, please speak with one of our DNA Behavior Specialists (LiveChat), email inquiries@dnabehavior.com, or visit DNA Behavior

 

Carol Pocklington

Carol Pocklington - Chief Insights Accelerator

Carol is a Human Performance Accelerator. She has worked with Hugh Massie since 2001 since the Financial DNA understanding concept was conceived. She works with people and businesses worldwide. Her real-world application of behavioural insights, gives her the capability to serve as a business strategist, coach, mentor, and trainer. She is also a prolific blogger, a public speaker and author, specializing in human behavioural insights.


Carol's DNA Natural Behavior Style is - Facilitator


Carol is a Facilitator. Facilitators are persistent, goal-oriented people who promote team effort in order to complete tasks. Facilitators lead by setting examples and by achieving goals. Their strong work ethic encourages others to excel and they have an excellent ability to deal calmly yet firmly with people using a facilitative style.

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