Adviser management software firm Intelliflo has revealed plans to provide advisers with a simplified advice service.
According to Nick Eatock, Intelliflo’s executive chairman, said the capability, which will be embedded in its existing Personal Finance Portal, will enable advisers to service a broad base of clients, regardless of the size of their assets.
Intelliflo is already in the design and build stage for the simplified advice service with a range of third party providers with a view to providing access to configurable trading capability initially for investment and protection products.
Mr Eatock said the service will utilise investment risk profiling and several pre-defined investment portfolios.
It will also facilitate the construction of bespoke risk-rated portfolios by advisers for their own clients specifically, he added.
The capability will ‘red flag’ clients with high value assets or requirements that are not straight-forward, automatically directing them to their adviser to seek more personal advice, Mr Eatock said.
He said: “The government has already set out its commitment to opening up advice for consumers with low value assets.
“Our new service will aim to equip advisers with the tools to offer an automated function for people who want access to protection and investment solutions at low cost while ensuring that those who would benefit from personalised advice are identified and offered assistance.
“It is a form of robo-advice that keeps the adviser central to the process. We have set up a working group with a number of adviser firms to help design the solution effectively.”
Intelliflo will launch the new capability in the second quarter of 2016 and is working initially with six advice firms who wish to launch the service.
Pre-registration for the service is available now for existing clients.
Mr Eatock said pre-registration will provide advisers with insights into what us being developed and enable them to help influence it, as well as putting them in prime position for the first wave of releases.
Robo-advice was one option the FCA and HM Treasury confirmed on Monday (12 October) that it is considering as a way to bridge the advice gap.
In an input paper for the Financial Advice Market Review, the FCA stated options to improve access could include: encouraging advice in accessible locations like libraries or post offices, supporting the development of online advice and sharing the costs of advice with employers, or subsidising the cost.
The review may consider whether the government could work with industry and employers to enhance awareness through methods such as sign-posting or public information campaigns.
‘Robo-advice’ is also on the menu of options.
The FCA stated new and emerging technologies present opportunities and challenges to provide cost effective, efficient and user friendly advice services.
emma.hughes@ft.com
