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Intelliflo gives update on robo-advice service

Intelliflo gives update on robo-advice service

Intelliflo gave an update on the launch of it’s automated advice service today.

Speaking at the Intelliflo conference in London today (7 June), Nick Eatock, founder of the company, said the robo-advice service would allow advisers to tap into a market which can’t currently afford advice.

The automated advice service, which advisers will be able to white-label, is already being piloted by 35 Intelliflo clients.

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It was in October last year that Intelliflo first announced plans to launch an automated advice service.

Back then Intelliflo stated it would launch the robo-advice capability in the second quarter of 2016.

It was working with six firms at that stage.

Mr Eatock said: “We don’t see this as replacing financial advice, we see it as augmenting it.

“It allows the client to track their progress and there is no paper whatsoever.

“We are working with 35 of our clients on rolling this out and one of the things they are looking at it for is to roll out to some of their orphan clients.

“This can help advisers create a relationship with the clients of the future.”

Mr Eatock said that in the next 12 months Intelliflo will look at expanding the service further into the investment space and into protection.

Intelliflo will also be launching omni-channel capability.

This will allow advisers to use video to get in touch with their clients and to co-browse with them.

Mr Eatock said the company would also launch an open API.

He said: “This allows you to make Intelligent Office work how you want it to work and it gives us the freedom to not say no to you.

“We think this completely changes the game in financial advice technology and no other business does this.”

Last week the Financial Conduct Authority launched its automated advice unit.

The advice unit - announced in the Financial Advice Market Review report - will focus on helping firms develop fully or partly automated online services and other models that use technology to deliver lower cost advice.

These alternative models must provide a ‘personal recommendation’ or discretionary investment management services to clients.

Advisers who apply and are selected to receive guidance from the unit will have to demonstrate their potential to deliver lower cost advice to “unserved or underserved consumers” and offer “genuine consumer benefit”, according to criteria published on the regulator’s website.

Successful applicants will receive individual regulatory feedback, which could include an initial meeting with the unit and other specialist areas of the FCA to discuss the firm’s proposition, as well as a dedicated point of contact to discuss the regulatory implications of the proposed model.