Financial Planning network Rosemount Financial Solutions (IFA) has added a AI-powered tool designed to simplify dealing with ceding scheme providers.
The tool, named ProCeding, utilises AI-powered scanning technology to extract key information from ceding documents. Advisers can verify exactly where the data source appears within the document, or cite information which is missing from the document, while automatically generating a follow-up email template.
Rosemount claims the tool will save advisers time when chasing outstanding information from providers.
Rosemount developed the tool in-house in response to adviser feedback and frustrations over how inefficient it can be to deal with ceding providers.
Ahmed Bawa, CEO of Rosemount Financial Solutions (IFA), said: “We know that the ceding process can be lengthy and frustrating, but by developing these tools we are able to take on some of the heavy lifting involved and allow advisers to quickly access the information they need, whether that’s direct contact details for a provider or to establish what’s missing from a ceding document.”
The network has also added a provider index tool, allowing advisers to search for plan types across different pension and investment providers. The tool providers Letter of Authority guidelines, including whether they can be digitally scanned or signed.
Promotions submitted by Rosemount’s adviser portal are analysed by the AI tool, assessing content against FCA rules, with any potential issues or missing information flagged for advisers.
A dashboard allows advisers to monitor how their prospective financial promotions are moving through the approval process.
Rosemount is one of several Financial Planning networks and firms that has recently invested in AI.
In May Foster Denovo partnered with fintech firm Palindrome to add workflow and agentic AI solutions, in a move which the firm claims will, “transform the tasks underpinning the advice” it gives to clients and change “the face of back office systems in private wealth.”
Fairstone added a new AI tool in November, which it claims had already saved around 2,000 hours for its 500 advisers.
Fairstone CoPlanner is an AI-powered transcription and meeting management tool, integrated with the Saturn platform.
It enables advisers to record, transcribe, and manage client and prospect meetings with ease and confidence, whether over Microsoft Teams or face-to-face using a dedicated app.
The technology creates meeting transcripts from which it generates editable structured meeting notes.
Fairstone claims it saves advisers around 30 minutes per client meeting and its service has been used by its advisers in over 4,000 meetings since November.