The portfolio can be broken down into segments to draw out asset class breakdowns or fee breakdowns, as well as showing the client where their exposures and concentrations are.
Once this has been done, it can be downloaded into a Powerpoint presentation, branded with the wealth adviser's branding, so the adviser can edit and check it before sending it to the client.
"This can all be done in one meeting instead of days and weeks of back and forth", the spokesperson said.
The colour purple
Intellect AI's has been rolling out its Purple Fabric tool to businesses across the world, and its marketing head made it clear that regulatory compliance sits at the heart of what it aims to help advisers to do.
He said it was vital to "significantly de-risk your wealth offerings through AI-powered compliance".
"The single biggest challenge we have been facing in a decade is effectively navigating the complexities of consumer duty. This is not a theoretical concern; right now we are seeing the results of consumer duty, not just in wealth management and advice, but also across the financial services sector."
He asked attendees: "Wealth managers - is your compliance process robust enough to really ensure that your advice is aligned with consumer duty and, if not, what is your risk exposure?
"Advisers - do you want to spend hours deciphering the regulatory frameworks and making sure that your advice encapsulates all those nuances? I'm guessing not. So this Virtual Advice Checker is a secret weapon to ensure compliance."
When it comes to CFRs and the suitability letters, the tool can access all the relevant information about the clients and all the documentation, retrieves it, reads it and validates the proposed advice against the regulation framework, including for vulnerability and suitability.
Once the Virtual Advice Checker has made all its compliance checks, it starts drafting a letter consolidating all the above to save advisers time and reduce the risk of oversight, making it personalised to the client based on all the adviser's notes and client documents.
He adds: "Time is your most valuable asset, so using solutions to handle the complex compliance side will free you up to leverage your emotionally intelligence and intuition to build and manage deep and fruitful customer relationships."
Communication, compliance and checking
All tech providers highlighted the practical use cases of AI in terms of compliance, better communication and checking and verifying against client documentation, meeting notes and regulation.
As Ian McKenna, founder and director of F&TRC said in his opening statement, AI was not here to take over the whole advice process, but to reduce the time-consuming admin processes and technical form-filling so that more advisers can serve more clients, more cost-effectively.
