Foster Denovo is calling on financial advisers to embrace artificial intelligence and innovate further.
The financial planning and corporate advisory group has adopted new ways of working digitally and believes greater take-up across the sector would mean an enhanced experience for clients.
Advisers at Foster Denovo use a digital note taking tool called Evie, which saves them around 90 minutes on admin after each client meeting.
In addition, the firm has launched Emma, which drafts the initial version of suitability reports, as well as other client reports, allowing paraplanners to devote more time to researching solutions.
Both tools, which have been developed with AdvisoryAI, are part of a wider adoption of technology Foster Denovo is calling Supercharge. This includes a new dashboard to bring together the various operational satellite systems in one place.
Helen Lovett, chief operating officer at Foster Denovo, said: “We’ve used AI to transform necessary but laborious tasks and sticking points. It’s a practical step every adviser should be taking because it frees up more time for advisers and support colleagues to concentrate on what we all do best: focus on clients.
“Adding up the combined impact of these individual innovations means an enhanced advisory experience and it’s been achieved by being pragmatic about what can be re-engineered while the advice engine is still running smoothly.”
Alan Gurung, CEO of AdvisoryAI, said: “Having spent years as a financial adviser myself, I witnessed how documentation took valuable time away from meaningful client interactions. At AdvisoryAI, we’re using AI to solve the very problems I experienced firsthand, enabling advisers to double their capacity while maintaining the personal touch that defines quality advice.”
Foster Denovo has also digitised the wet signature on letters of authority in partnership with Pension Lab.
Scott Phillips, chief executive of Pension Lab, commented: “Welcoming another large advisory group like Foster Denovo onto our digital LoA platform reinforces our position as the adviser’s solution of choice. Together with our growing adviser community, we’re making great strides to eliminate the time and cost wasted by the traditional LoA process so clients receive a standard of service and advice that goes above and beyond Consumer Duty.”
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