AdviserSoftware.com, part of the Financial Technology Research Centre (FTRC), has launched the Adviser AI Tools Assessment Framework, designed to help financial advisers worldwide assess and compare artificial intelligence-driven solutions for their practices.
The framework evaluates key AI functionalities available across multiple markets, including the UK, US, Australia, New Zealand and Canada, with Dubai set to be added soon.
By analysing AI-driven innovations, the tool aims to support advisers in selecting the most suitable AI solutions to enhance client engagement, compliance and operational efficiency.
With AI increasingly shaping financial advice, the framework identifies the core areas where AI is being deployed, such as initial meeting notes, compliance checking, document management and goal identification.
It highlights which providers offer support in each area, helping advisers make informed technology choices.
To date, 14 AI providers have been assessed, including Aveni, Otto, Conquest and Unitfi, with more providers set to be added as the analysis evolves.
Advisers can access detailed reviews of each provider’s offering, including their regional availability and specific features.
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Speaking to Money Marketing, Ian McKenna, founder of AdviserSoftware.com, said: “In creating our AI tools assessment framework, we have deliberately taken a global perspective.”
“Initially, we are including vendors from the US, Canada and Australia, with Dubai and other jurisdictions to follow soon.”
McKenna added that AI technology is particularly well-suited to accommodating different regulatory environments, making it possible to scale solutions across multiple regions.
“At its core, the financial planning process is the same worldwide,” he said. “What a client wants in Winnipeg is essentially the same as what they would want in Washington, Wolverhampton or Wollongong.”
“Generative AI can adapt to the regulatory nuances of each jurisdiction while maintaining fundamental advisory principles.”
McKenna also pointed to the significant economies of scale in developing AI solutions for a global adviser base.
While the UK has around 30,000 wealth advisers, the US has approximately 300,000, and Canada has over 70,000, making it the highest per capita wealth adviser market globally. Australia has around 15,000 advisers.
“Building a system that supports nearly 500,000 advisers worldwide offers far greater opportunities for efficiency than one targeting just 35,000,” McKenna noted.
