A robo-advice service which IFAs can white-label for their own firm will launch tomorrow that claims to reduce the time it takes to deliver regulated Isa advice from four hours to 30 minutes.
Dynamic Planner is launching Access Advice, which is an online service for advisers to offer automated advice, initially on stocks and shares Isas, for investors with small investment pots.
Advisers can access funds from across the whole market or they can use “off-the-peg” options from Access Advice’s four asset manager partners – Architas, BMO Global Asset Management, Canada Life Investments and Seven Investment Management – and two platform partners – Elevate, now owned by Standard Life, and Aviva.
Dynamic Planner chief executive Ben Goss says: “[Access Advice] 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.”
The service works by asking the customer about their needs and circumstances, as well as undertaking risk profiling, establishing capacity for loss and investor experience.
The system recognises if the service is unsuitable – for example if the client has unmanageable debt or if any of the answers need clarifying. The adviser can then contact the client before financial advice is provided.
The client is then emailed a compliant report and they can talk through the advice over the telephone before the investment process is completed, if needed.
It is expected Access Advice will be expanded beyond offering Isa advice in the future.