IT firm Intelliflo said it plans to rollout a simplified advice service next year that will allow IFAs to securely service a broad base of clients, regardless of the size of their assets.
The capability, to be launched in Q2 2016, will be embedded in Intelliflo’s existing Personal Finance Portal, and will help identify clients with high-value assets or requirements that are not straightforward and automatically direct them to their adviser to seek more personal advice.
Intelliflo, which provides services to financial services companies, said it is already in the design and build stage with a range of third-party providers, with a view to providing access to investment and protection products, using 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 while offering advisers access to their client’s entire short and long-term financial portfolios, through digital devices using real-time data.
Nick Eatock, Intelliflo’s executive chairman, 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’s 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.”
Ahead of next year’s launch, Intelliflo is working initially with six advice firms who wish to launch the service. Pre-registration for the service is available now for existing clients. This will provide insights into what is being developed and enable advisers to help influence it, as well as putting them in prime position for the first wave of releases.
Peter Chadborn, financial project manager at Plan Money said: “Enhancing technology solutions is the way forward for many advisory firms, enabling improved efficiency and uniformity of process. Most advisers will acknowledge that there is scope for them to deliver services more efficiently and this is the case with lower value clients in particular, many of whom are now precluded from receiving advice as an unintended consequence of RDR.
“I think software which facilitates effective and efficient client-engagement is an interesting development and one which we would be keen to explore. IFA clients are used to engaging with their primary brands on a fairly frequent basis yet the most they may get from their adviser is a periodic newsletter and an annual review. If we can increase engagement activity, with little manual activity, this should lead to a more valued client-adviser relationship.”
