AdviserSoftware.com, part of advice tech consultancy Financial Technology Research Centre (FTRC), has launched a new tool enabling financial advisers to easily compare the functionality of artificial intelligence offerings that have been created to help them better run their businesses.
The service enables advisers to analyse different tools and identify which different services best meet their needs.
Features compared include understanding the client, compliance checking, document management, identifying needs and goals, implementing a financial plan, ongoing servicing and relationships, communications, compliance, and data Security.
Up to five different systems can be compared at a time, including both new and current technology providers, and enabling advisers to identify the best combination of AI tools that can add most value to their business.
Technology suppliers included in the first version of the new tool include 4 Admin, Advisoryai, Aveni, BAT Software, Collidr-Noaxi, Conquest Planning, Intelliflo, Model Office, Multiply.ai, Otto, PlannerPal, Plannr, Posterity, RE:LOA, Recordsure, and Saturn.
Ian McKenna, founder of FTRC and AdviserSoftware.com, said: “Advisers are quite literally spoilt for choice when it comes to AI services to help them get far more done in far less time, but how do they identify which tools best meets their individual needs? We have collected key information, in a consistent fashion to present clearly what the various services offer. In practice they may need to use a collection of different tools to support different parts of their advice process.
"Our objective is to help advisers make more informed decisions about which technology best suits their individual needs and to reduce the amount of time spent comparing and selecting different providers. In this way they can identify a shortlist they want to talk to in more detail."
Paul Miller, chief technology officer and chief information officer at IWP UK, commented: “This service addresses one of the most important challenges adviser face, should they source AI from an emerging start up or their main advice tech suppliers? Currently this answer may be a mixture of both but this is probably an issue they would want to keep under regular review.”
