A suitability letter is a document which explains why certain products have been recommended to the client, how they meet the client’s objectives, potential risks and other important information.
The suitability letter template has been worked on since last year and uses OnlineAI and ChatGPT to populate the letter.
Advise Wise said it was “almost ready” to be launched to the full market, with free access for Advise Wise users.
Benjamin Wells, head of product and development at Advise Wise, said that this was “an industry first AI-powered suitability letter template” and this would allow advisers to “focus on delivering better customer outcomes rather than being bogged down with repetitive administration tasks in their advice process”.
He added: “By harnessing the full power of AI, we can improve the quality of advice whilst also reducing the time cost to advisers in a win-win scenario for both customers and adviser firms in these hard times.”
‘A game changer for advisers’
Jonathan Thirkill (pictured), Advise Wise’s CEO, noted: “We wanted to provide advisers with a powerful and easy-to-use tool, to save them time but also to ensure greater focus is given to vulnerability and Consumer Duty while being compliant, reducing errors and helping the clients get the best outcome.
“In order to do so, it was essential for us to build the template based on our members’ needs and involve them in the process.”
He continued: “Since we started the pilot, we’ve been overwhelmed by the excellent feedback received. Advisers who have tested our template said it will save them hours and it fully encompasses how business should embrace technology to its fullest.
“We have all reasons to believe it will be a game changer for financial advisers.”
