Dynamic Planner has launched an automated, white labelled online advice application for firms.
The company claims AccessAdvice will use automation to allow firms to bring down the cost and time involved in handling clients.
Ben Goss, chief executive of Dynamic Planner, said: “According to the Financial Advice Market Review, a 2016 survey showed that 69 per cent of advisers had turned away potential clients over the previous 12 months, almost half of these because they were uneconomic.
“AccessAdvice addresses this problem head on, enabling firms to deliver their own high quality, independent advice, profitably, to lower value cases.
“It dramatically reduces the time to serve clients from hours to minutes, enabling firms to open up profitable access to their advice where before they may have either had to turn the client away or undertaken the work at a loss.”
AccessAdvice goes live tomorrow (1 March) with a stocks and shares Isa product but Mr Goss said it could be extended to a number of other products such as pensions.
He said: “We asked advises what they wanted technology to do for their firm and Isas were top of the list but they also raised lump sum investing, pensions and corporate schemes.
“We see significant potential for AccessAdvice over the years but we are starting with an Isa.”
The service asks a series of dynamic questions about the customer’s needs and circumstances, including risk profiling, capacity for loss and investment experience.
It uses the Dynamic Planner risk profiling algorithms which have been augmented with financial planning rules, which a firm can configure, for an automated environment.
AccessAdvice is whole of market and allows advisers to tap into the entire UK fund universe.
Dynamic Planner has also worked with asset managers and platforms to provide a suite of pre-configured off-the-peg options.
The founding partners are Architas, BMO Global Asset Management, Canada Life Investments and Seven Investment Management while the platforms are Elevate and Aviva.
Mr Goss said individual firms would be able to set the minimum investment level, the initial charge, decide whether there should be an on-going charge and set its level.
damian.fantato@ft.com
