How is technology shaping the sole trustee market

Commenting on the blog: How technology is helping professional trustees, Shani McKenzie, Head of Sole Trustee Services, Hymans Robertson, explains how changes in technology are shaping the sector. The blog is the final in a series that looked at regulation, recruitment and the changing market, and Shani says:

“We’ve held conversations with professional trustee firms across the market, under the banners of regulation and recruitment. As demand grows and budgets tighten, firms told us that they’re increasingly turning to technology as a practical way to create capacity without diluting the judgement and collaboration that good governance depends on.

“We were told that AI is being used to improve operations, but adoption levels amongst firms varies. While many firms have embedded AI in the management of schemes, some use it only for back-office work. There is caution being expressed by some firms, with pilots being an efficient way to explore the use of AI. Where adoption levels are highest is sole trustee appointments. Professional trustees said they are more likely to use AI for these appointments as all the decision-makers have access to the same in-house tools. It will be interesting to monitor how this plays out in the future.

“Looking ahead, the biggest differentiator from the adoption of technology could be the impact it has on enabling growth. For many organisations it is currently about how lots of small improvements add up. As technology improves the ability to manage complex work, one sentiment expressed strongly was that technology won’t remove the need for skilled people. Instead, it will raise the premium on professional judgement, oversight and communication. It will also create capacity within firms particularly if the potential regulatory and recruitment challenges raised in our earlier blogs, come to pass.”

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