AI forecast to take care of majority of advisor loan deals

Julian Fayad told Good Returns a “vanilla” loan, where the applicant is in long-term employment and a high income earner could be managed by AI which can work faster and more smoothly than a person can.

“The shift will be that people will be still doing the role of the broker, but they’ll be using their own AI or the AI they license from other people who’ve built it, will be doing the 80% and they’ll be required to handle only the edge cases.”

It would likely lead to some advisors with limited skill sets being swept up into larger groups or perhaps even leaving the industry, he said.

Advisors would be leading the build of AI tools but “not every broker is going to have the ability to invest millions of dollars into R&D and trial and error so partnerships will be important,” he said.

New ways of working

Advisors would need to change the way they operate but Julian Fayad believes AI creates more opportunities than problems – for most.