AdviserSoftware.com has launched a comparison tool to help advisers to compare the functionality of AI offerings that have been created to help them better run their businesses.
The service enables the analysis of different tools and to identify which different services best meet their needs.
Features compared include:
- Understanding the client
- Compliance checking
- Document management
- Identifying needs & goals
- Implementing a financial plan
- Ongoing servicing & relationships
- Communications
- Compliance
- Data Security
Its aim is to help financial 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.
Up to five different systems can be compared at a time, including both new advice artificial intelligence providers and their current advice technology providers.
AdviserSoftware.com founder Ian McKenna said: “AI has catalysed adviser tech adoption like nothing else in the last 30 years. It is making an enormous difference to the way advisers can run their businesses, but it is a very fast moving market with lots of emerging suppliers.
“There are already 20+ offerings in the market with new firms appearing every month. Inevitably not all of these will survive. Also the mainstream advice tech providers are now beginning to offer significant AI functionality themselves.
“We’ve built this tool so Advisers can identify the right AI tools to start with, and also keep an eye on their options as they change over the months and years ahead. Normally choosing technology is a strategic decision you look to stick with, but with so much innovation emerging there is a case for having this under regular review.”
Money Honey Financial Planning founder Jane Hodges added: “We used AdviserSoftware.com to help us identify the best AI suppliers earlier in the year. This has been transformational and has enabled us to replace most of our paraplanning team with AI. The new service will help us make the best decisions over further AI services we want to add to achieve further efficiencies and economies.”
Paul Miller chief technology officer and chief information officer at IWP UK also outlined that 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?”
Technology suppliers included in the first version of the new tool include 16 names such as Aveni, Multiply.ai, Saturn, Model Office and Intelliflo.
AdviserSoftware.com is part of advice tech consultancy Financial Technology Research Centre (FTRC).
