In a platform industry first, Praemium’s innovation uses data science and technology to examine certain client behavioural patterns that may indicate a need for additional advice or guidance. Whether the behaviour patterns are driven by investment or market performance, or a change in their personal circumstances, the adviser then has the opportunity to engage with their client at a time when they are most needing updated financial advice or further guidance about their options or needs.
Praemium’s CTO Adam Pointon comments “With client expectations and pressure on the advice industry at an all-time high, the ability for advice practices to demonstrate and deliver client value is critical. 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.”
Pointon adds “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. Our strategy has been to focus on supporting the adviser-client relationship through meaningful technology that creates value for both investors and their adviser. “
This technology has been in development and testing since September 2017 and has been piloted successfully with a select group of advisers. Praemium expect to roll out the functionality to advisers in the near future.
This new feature follows a series of significant platform enhancements Praemium has made this year, including the launch of their integrated managed accounts platform, with a new intuitive and sophisticated adviser portal.