At the second stage - the digital abridged advice process - the consumer would answer between 10 and 20 questions which would be presented in a straight forward format.
If it is deemed that they could be suitable candidates for a transfer, the customer would go to the final stage, where they would be able to speak to a regulated adviser.
Andrew Firth chief executive of Wealth Wizards says: “The final stage of our process takes everything into account you have entered.
“All the data in the system is there and then we use our algorithms and our machine learning to help the adviser reach a full decision as to whether it is [right to transfer]. [The result] could still be do not transfer but at this stage they might need to go through a full advice.
“The third stage would be with a regulated adviser, but our system is doing some of the heavy lifting; doing the calculations and using a very structured algorithmic approach.”
In July the firm launched a digital independent financial adviser, called MyEva.
It is a web-app and chatbot that is available to users via employers. It takes the employees through a financial health check and provides personalised recommendations based on the responses.
Where MyEva is unable to assist, clients are referred to a team of human advisers
Mr Firth believes the digital advice beyond DB transfers will continue to evolve, as bots and AI become and important part of how advice is delivered.
“Perhaps not the wealthy, but to the mass market,” Mr Firth says.
“Even if you have a face to face human adviser who you see once or twice a year, you may well also interact with the chatbot, which will be an environment where you can have an ongoing dialogue with your advice firm.”
ima.jacksonobot@ft.com
