In this episode of The Trusted Adviser, Rob Pyne speaks with Matt McGuinty, Director of FinTech Strategic Partners, about the real state of artificial intelligence in financial planning. Matt brings a grounded perspective shaped by data security, platform knowledge, and hands-on experience with advice firms. He explains why most practices are not behind on AI. He outlines where AI delivers safe efficiency today. He warns against rushing into agentic AI, bots, and automated advice without the foundations in place.
Rob and Matt unpack the hype driving fear of missing out across the industry. They discuss data breaches, hallucinations in advice documents, and the risks of delegating judgment to machines. This episode offers clear guidance for firms that want to innovate responsibly while protecting trust, compliance, and reputation.
LISTEN
SHOW NOTES
Topics Discussed
- AI adoption in financial planning.
- Why data security must come first.
- File note automation as a low-risk entry point.
- The dangers of AI hallucinations.
- Using AI in Statements of Advice.
- Compliance checking and disclosure reviews.
- Agentic AI and automation risks.
- Data quality and system readiness.
- Vendor-driven fear of missing out.
- Maximising existing technology stacks.
Episode Highlights
(Timestamps are approximate)
- [00:01] – Rob introduces Matt and frames the AI adoption debate.
- [03:10] – Why most firms are not actually behind on AI.
- [06:45] – The true cost of data breaches in financial services.
- [10:20] – File note AI as the safest and most practical use case.
- [14:05] – Why AI agents and bots create major security risks.
- [19:30] – How AI confidently makes things up.
- [24:40] – The danger of using AI to draft SOAs.
- [30:15] – Using AI to check disclosures and compliance gaps.
- [36:50] – Why clean data matters more than new tools.
- [42:30] – The myth of competitors leapfrogging with AI.
- [48:10] – Why most efficiency gains already exist today.
- [53:40] – The role of judgment and trust in advice.
Quotes
- “Don’t be the guinea pig.” – Matt McGuinty
- “AI makes assumptions with confidence.” – Matt McGuinty
- “Data breaches destroy trust and reputation.” – Matt McGuinty
- “File notes are the safest place to start.” – Matt McGuinty
- “AI does not replace professional judgment.” – Rob Pyne
Resources & Links
- The Trusted Adviser: https://thetrustedadviser.com.au/
- FinTech Strategic Partners: https://www.fintechsps.com/
- Connect with Rob Pyne on LinkedIn
- Connect with Matt McGuinty on LinkedIn
- Follow The Trusted Adviser Podcast
Key Takeaways
- AI adoption should be deliberate.
- File note automation offers immediate value with low risk.
- SOA generation with AI remains unsafe.
- AI hallucinations are common and persuasive.
- Compliance checking is a strong near-term use case.
- Data quality is essential before automation.
- Most firms underuse existing technology.
- AI does not deliver an instant competitive advantage.
- Trust remains the core differentiator in advice.
Show notes and transcript
For the full show notes and transcript from this episode, head to the episode page on The Trusted Adviser Website here.