Leading platform provider, Praemium, has developed a first for the industry, combining data science and technology to identify client behavioural patterns that could indicate a need for more advice or guidance.
Praemium chief technology officer, Adam Pointon, said that the development responded to the need for advice practices to demonstrate and deliver client value in a time when client expectations and pressure on the advice industry was at an all-time high.
“Our unique technology equips advisers with a scalable way to identify and proactively engage those clients with an emerging need for updated financial advice, rather than waiting for a periodic review,” he said.
“Machine learning and AI isn’t a future development, it’s happening now and this is Praemium’s first example of it being used in practice today. Delivering innovative functionality relies on sound strategic thought, validated data and a good technological foundation.”
The behaviour identified would focus on both investment and market performance and a change in clients’ personal circumstances, aiming to allow advisers to intervene when clients most need updating or guidance on their options.
The technology had been successfully piloted with a select group of advisers, and the platform provider hoped to roll it out to the market in the near future.