Paraplanners across the UK are increasingly using artificial intelligence to manage growing workloads and regulatory demands, according to new research from Scottish Widows.
The study, based on a survey of more than 200 paraplanners, found that 94% have experienced an increase in workload due to ongoing regulatory change.
In response, 22% are now using AI as part of their core processes or for specific tasks.
Among those using AI, 85% said the technology helps save time and automate tasks such as meeting notes, documentation and recording, while 26% are deploying it for fact-finding and data gathering.
Looking ahead, 82% of paraplanners expect AI to improve time efficiency and reduce administrative work within the next five years.
However, only 12% of firms currently have a formal AI policy in place, though a further 35% are developing one, indicating growing momentum to adopt new digital tools.
The report highlights that paraplanners are facing unprecedented regulatory and operational challenges.
Four in five (85%) said frequent tax and policy changes have disrupted their processes, while 47% identified the growing regulatory burden and complexity as their biggest single challenge.
The impact is also being felt personally, with 23% saying rising workloads have negatively affected their mental health, and 18% admitting it has made them question their long-term future in the industry.
Recruitment and retention are also proving difficult, with 39% naming this as their most significant ongoing issue.
Despite this, three in four paraplanners (75%) said they remain confident about the future of their role, with 69% feeling more valued by their firms than in previous years.
Encouragingly, 87% described their employer as supportive of the paraplanning profession.
Jenny Davidson, intermediary wealth director at Scottish Widows, said: “Paraplanners are the backbone of the advice profession, helping to manage the pressure of regulatory change while keeping client outcomes on track.
“What stands out in our research is a profession that remains remarkably resilient, even as workloads rise and the pace of policy change accelerates.
“But resilience alone isn’t sustainable and many paraplanners are embracing AI as a gamechanger to streamline processes and free-up valuable time.
“This presents both opportunities and challenges, and with few formal policies in place, it’s key that the industry supports paraplanners with the right technology, the right integrations and the right training as AI becomes more integral to the everyday.
“Adopting and embracing the benefits of AI, combined with continued investment in technology by platforms, will allow paraplanners to focus on the high-value work that drives better client outcomes, rather than administrative burden.”
