Adviser AI tool hits the market

technology artificial intelligence financial advice statements of advice

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An artificial intelligence (AI) tool designed to shake up traditional financial advice business models has launched to the public.

Last November, Money Management covered the announcement of a new AI solution built to alleviate financial advisers’ main pain points, led by co-founders and strategic advisers George Lucas and Steven Goh.

Named YBL.AI, the tool’s capabilities include document scanning, transcription of client meetings, reviews of client finances, and assistance in the statement of advice (SOA) creation process. It ultimately seeks to re-engineer the current advice experience and drive a more efficient, lower-cost service.

Since the initial announcement, YBL.AI has secured $2.5 million in a financing round and has officially launched its AI Copilot to public users in Australia.

The technology platform optimises key workflows across XPlan, Microsoft Office, email, and several other applications, with the intention of empowering advisers to spend more time on client interactions.

Lucas, who previously founded the Australian investment app Raiz Invest in 2016, spoke further with Money Management on its official release.

“We launched YBL.AI to transform the financial advice industry, and the positive response from early users of the product and investors in the company endorses our vision,” he said.

“The platform greatly enhances adviser-client interactions, improving workflow efficiency and affordability for a diverse range of organisations, especially in Australia amid ongoing advice reforms.”

The co-founder expects the technology to transform advisers’ current business models and offer scaled advice in a more cost-effective way.

While basic AI applications have already become commonplace in advice practices, such as using ChatGPT to formulate client emails, Lucas believes tools like YBL.AI are the next stage of adoption that will redesign the advice process.

“There will be advisers who work out innovative ways to use YBL.AI to capture market share and lower price points than what is currently being offered,” Lucas said.

“That’s what I love about delivering these types of technologies to the market. The tool isn’t designed to replace advisers and it’s not a robo-adviser. There will be advisers who think of very innovative ways to change their business model.”

Eric Blewitt, CEO of Investment Trends, expects solutions such as these to be “naturally welcomed” by the industry.

“Advisers are seeking efficiencies in their practices. Solutions like YBL, which help advisers provide affordable and quality financial advice to a broader spectrum of the Australian population, will naturally be welcomed,” Blewitt said.

The company is also in the process of strengthening its global presence by expanding in the US market and eventually the UK market. It currently has offices in Sydney and Silicon Valley.
 

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