Industries · Financial services and wealth
AI automation for financial services and wealth management in Australia
AI automation for financial services in Australia helps advice practices, wealth managers, lenders and insurers handle the paperwork around regulated work: collecting client information, preparing advice document drafts, writing file notes and reconciling data. Agents work within the licensee's existing compliance framework, and an adviser or authorised person reviews anything that reaches a client.
Vermilion Intelligence is an AI and automation consultancy helping mid-to-large organisations in Australia and New Zealand put AI agents to work on repetitive tasks.
Tasks AI agents can take on
Financial services businesses carry a heavy documentation load, much of it required by regulation. Agents can prepare and organise that documentation so qualified people spend their time on clients and judgement.
In regulated work, the design principle is simple: agents prepare, people decide.
Fact-finds and client data collection
Agents can send and chase fact-find forms, extract details from supporting documents and populate the client record.
Advice document drafts
Agents can assemble first drafts of Statements of Advice and records of advice from templates, file notes and modelling, for adviser review.
Meeting and file notes
Agents can turn meeting transcripts into structured file notes and action lists for the adviser to check and save.
Review and renewal administration
Agents can track client review and renewal dates and prepare the packs, forms and reminders for each.
Platform and portfolio reconciliation
Agents can compare platform and product data with internal records and flag differences for a person to resolve.
Application processing
Agents can check loan and policy applications for missing information and summarise supporting documents for assessors.
Complaints logging
Agents can classify and log incoming complaints and route them promptly, so response timeframes can be tracked.
Typical systems agents connect to
Systems are listed as examples of what agents can connect to, not as endorsements or partnerships.
- Advice and CRM software such as Xplan or AdviceOS
- Investment platforms such as HUB24 or Netwealth
- CRMs such as Salesforce or Dynamics 365
- Loan origination and policy administration systems
- Microsoft 365 email, calendars and SharePoint
Compliance notes
Australian and New Zealand rules to design around
General information only, current at the time of writing, and not legal advice. Check the source and take advice for your situation.
Licensee obligations don't change
AFS licensees must provide financial services efficiently, honestly and fairly and have adequate risk management systems (Corporations Act s912A). Using AI doesn't change who's responsible. ASIC's report REP 798 (October 2024) examined how licensees govern AI and warned that governance needs to keep pace with adoption.
APRA CPS 230 for regulated entities
For APRA-regulated entities such as banks, insurers and super trustees, CPS 230 Operational Risk Management, in force from 1 July 2025, covers the management of material service providers, which can include AI and automation providers.
Source: APRA: CPS 230 Operational Risk Management (opens in a new tab)
Privacy and financial information
Client financial and identity information is personal information under the Privacy Act. The OAIC recommends due diligence on AI products and a privacy impact assessment before personal information is used in AI systems.
Source: OAIC: privacy and commercially available AI products (opens in a new tab)
How we work
How our four steps apply in financial services and wealth
Step 1: AI Readiness Assessment
We review client onboarding, advice preparation, review cycles and reconciliations, and map where client information and regulatory records flow.
Step 2: Roadmap
We prioritise documentation and data work where an adviser or authorised person already reviews the output.
Step 3: Implementation
We build agents into your advice, CRM and platform systems, keeping records and audit trails where your compliance framework requires them.
Step 4: Ongoing support
We monitor outputs with your compliance team and update agents as templates, products and obligations change.
FAQ
Frequently asked questions
Can AI prepare a Statement of Advice?
AI agents can assemble a first draft of a Statement of Advice from your templates, file notes and modelling outputs, which removes much of the copying and formatting. The adviser remains responsible for the advice: they review and edit the draft, and sign off before it goes to the client.
How does AI fit with our licensee's compliance framework?
Agents should sit inside it, not beside it. That means involving your compliance team in design, keeping records of what agents prepare and change, defining human review points, and treating AI providers as service providers under your risk management. ASIC expects governance to keep pace with AI adoption.
Is client financial data safe with AI agents?
It can be, with the right controls: business-grade AI services whose data handling you've reviewed, least-privilege access, logging, and no client data in public consumer tools. A privacy impact assessment, as the OAIC recommends, should come before any agent uses personal information.
Related services and solutions
AI governance
Policies, ownership, risk and privacy assessment, and human oversight that keep AI safe, lawful and accountable.
Administration
Back-office automation for documents, invoices, data entry and shared inboxes, with people checking the exceptions.
Operations and reporting
Automated reporting and data automation that pulls, reconciles and explains the numbers your teams rebuild by hand.
AI agent development
Custom AI agents that read, decide and act across your tools to complete repetitive tasks, with people approving what matters.
Tell us about the repetitive work you'd like to hand over
Send us a short description of the tasks, the team and the systems involved. We'll reply with an honest view of whether AI agents are a good fit, and what an assessment would look at.
Or email raj@vermiliong.com.au