Balancing Tech and Touch: Building Financial Literacy in the AI Age

Ray Adamson & Emily Reed

Written by: Ray Adamson, Chief Customer Officer at Lavvi & Emily Reed, CEO & Co-Founder at HeyAdvisor

November 8, 2023 – In today’s rapidly evolving digital landscape, AI stands at the forefront, shaping countless industries and influencing our daily lives. The financial services industry is being impacted even more as young Canadians navigate AI-driven tools and platforms. But what does this mean for traditional financial education, and how is AI enhancing or challenging the norms?

The following are key questions we should be asking about the role of AI in financial planning conversations, as well as how financial advisors can support consumers through the changing landscape.

Are there advantages to using AI for financial literacy?

Yes. Often, AI tools are available at no cost, enabling more individuals to access financial knowledge without imposing a financial burden. This free accessibility to financial data via AI can enhance financial literacy across  all communities by offering tools and resources that were previously available only to those who could afford professional advice.

Does the introduction of AI negate the need for human financial advisors?

While AI offers convenient and readily available financial insights, the human touch of financial advisors remains indispensable. The emotional understanding and the nuanced advice offered by financial advisors often goes beyond  the data, encompassing empathy and a deep understanding of individual life situations, dreams and fears.

What are the potential pitfalls of relying on AI for financial advice?

Some concerns include:

  1. Loss of Human Touch: AI lacks the emotional understanding and tailored advice that a human financial advisor can provide.
  2. Privacy Concerns: Sharing sensitive personal information on digital platforms might expose data to breaches or unintentional public sharing.
  3. Biases in AI: If AI is not trained appropriately, it can perpetuate existing biases, potentially impacting financial strategies and advice unfavourably.

How can AI support my advisor?

Like many of us, advisors are beginning to experiment with AI to assess how it can positively impact their business and their clients. AI has the potential to quickly automate routine tasks and communications, potentially making it easier for them to keep you updated on information pertinent to you. It also can introduce a multiplier effect on the advisor’s capability in that more in-depth information and guidance can be created in much shorter time frames.

How do I know if my advisor(s) is using AI?

It is hard to tell if, and how, someone is using AI in their business. It is fair to ask your advisor(s) if they are using AI, and if they are, how are they ensuring your confidentiality and security. In these early days of access to AI tools, it’s important that we are informed of how our personal data is being used,  and if there is a risk of exposure as a result. The financial planning process contains sensitive personal information , and when shared into digital platforms, might be susceptible to breaches or shared as public data. Advisors and consumers must be aware and cautious about the type and amount of information shared on these platforms.


Ray Adamson is the Chief Customer Officer, Lavvi. For over 25 years, Ray has been an insurance advisor and has held senior leadership roles in the financial services and technology industries. With a strong understanding of financial services distribution and technology, Ray has helped management and advisors at the largest carriers and distributors in North America take their business to the next level. As Chief Customer Officer at Lavvi, he leads the sales, marketing, account management and product teams with a focus on helping carriers, distributors, and advisors leverage Lavvi’s digital life insurance distribution platform to streamline, manage and grow their business. Ray is a member of the Advocis Technology & Innovation Committee and advises Insurtech and Fintech start-ups.

Emily Reed is the CEO & Co-Founder of HeyAdvisor, a digital content library for Canadian financial advisors providing educational infographics and videos that can easily be integrated with email, social media, websites, and client portals. Emily recently joined the Advocis Technology and Innovation Committee and looks forward to collaborating with the team to benefit the advisory community.