AdviserSoftware.com has launched a new tool to help advisers compare the functionality of artificial intelligence offerings.
Features which can be compared include understanding the client; compliance checking, document management; identifying needs and goals; and implementing a financial plan.
Advisers will also be able to compare features such as ongoing servicing and relationships; communications; compliance and data security.
Ian McKenna, founder of Financial Technology Research Centre and AdviserSoftware.com said advisers are “spoilt for choice” when it comes to AI services.
“How do they identify which tools best meet 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.”
Up to five different systems can be compared at a time, including both new Advice AI providers and their current advice technology providers, enabling advisers to identify the best combination of AI tools that can add the 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.
The comparison service can be accessed free of charge by advisers.
Paul Miller, chief information officer at IWP UK, said: “This service addresses one of the most important challenges advisers 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.”
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