Six fund providers have signed up: 7IM, Architas, Legal & General Investment Management, SEI Asset Management, Standard Life Investments and Vanguard. They will feature a range of funds on the system, which aims to equip advisers with the tools to compete with banks and large financial corporations in offering clients self-select investment options.
Nick Eatock, Intelliflo’s executive chairman, said: “The fund management partners we have lined up for the launch of our Automated Advice Service will offer clients of iO users a broad spectrum of options to meet their specific needs. The launch of this new service is a major step forward and opens up access to the much-discussed robo-advice market in a way that puts advisers at the centre of the process.”
A configurable advice process incorporating attitude to risk and investment projection tools will be available to advisers using Intelligent Office, allowing clients selected by the advisers to experience a fully online and automated process.
Advisers can choose from the suite of risk-rated default investment solutions as rated by Square Mile Investment Consulting and Research Limited. Cofunds has been selected to extend the existing integration with iO for trading, execution and payment of ISAs and a General Investment Account. Risk profiling tools have been developed in partnership with Oxford Risk.
Investments made by clients will be available for advisers to view, so they can monitor activity. All investments and selections made have a complete and comprehensive audit trail with the ability for the adviser to configure in “stop scenarios” whereby a client cannot continue.
This will allow advisers to intervene and facilitate specific advice to ensure clients are “making wise decisions” based on their financial situations.
The cost of the service to end clients will be determined by the fund charges within each investment solution. The Cofunds’ platform charge and the adviser’s own charge, which will be flexible to them.
The new service will launch this month.