AdviserSoftware.com has launched a new comparison tool to help advisers compare artificial intelligence (AI) providers.
Part of Financial Technology Research Centre (FTRC), AdviserSoftware.com said the service will allow advisers to check and contrast the functions of AI tools designed to support their business.
The tool covers both start-ups and existing advice technology firms, and versions are available for the United Kingdom, United States and globally.
Advisers can compare up to five systems at once, including both new AI providers and their current suppliers.
Features compared include understanding the client, compliance checking, document management, identifying needs and goals, implementing a financial plan, ongoing servicing, communications, compliance, data security and more.
Ian McKenna (pictured), 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.”
Paul Miller, chief technology officer and 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.”
Suppliers included in the first version of the tool are 4 Admin, Advisoryai, Aveni, BAT Software, Collidr-Noaxi, Conquest Planning, Intelliflo, Model Office, Multiply.ai, Otto, PlannerPal, Plannr, Posterity, RE:LOA, Recordsure and Saturn.
