Financial Planner Digital Assistant

What is the problem

Financial planning today is a slow, expensive and unprofitable business. The Hayne commission has left the industry stripped of lucrative commissions and burdened with onerous compliance and education requirements. Research conducted by KPMG and commissioned by the Financial Services Council found the average cost of providing comprehensive financial planning advice is $5,335 a client, while the average cost charged was $3,660. t can take weeks or even months before a comprehensive statement of advice is ready. The delay is because the process is so “klunky”.

Firstly, the client completes a paper fact find, often ticking a few boxes to identify financial planning goals.

Then, the fact find is given to a paraplanner (without much or any analysis), who adds it to the pile of fact finds waiting to be processed.

Eventually, the fact find gets its turn and the paraplanner types the client details into financial planning software. This venerable tool (usually around 20 years old) spews out a 50 page plus collection of words that is unintelligible to most people.

Lastly, this document is sent to the adviser who sets up a meeting to present it, probably sticking to the summary which is easier to follow.

What is my solution

My digital assistant communicates with natural voice and allows the adviser to analyse data as the client supplies it, investigate strategies and products and then make recommendations in one session.

It can do any financial planning calculation on request, as well as gathering client information and doing product research. It can even implement insurance applications (using APIs). It remembers everything and is not intrusive, only responding to verbal requests directed at it. Otherwise, the assistant sits and listens.

If the session is videoed, a comprehensive record of the advice is created which can be the legal advice instrument. It doesn’t have to be in writing although the adviser can request a written "Record of advice" which the assistant will generate. Recording the session provides valuable “file notes” if compliance does a review and we think it can reduce adviser time/costs by 70%.

The assistant communicates with natural voice and can do any financial planning calculation on request, as well as gathering client information and doing product research. It can even implement insurance applications. It remembers everything and is not intrusive, only responding to verbal requests directed at it. Otherwise, it sits and listens.

How we built it

The user inputs commands using natural voice into an Amazon Echo device or any other device like a mobile phone that has the Alexa app. This send input is sent to a Lambda Function that processes it and returns the result to the device where it is delivered as voice and or images depending on the device. All input is kept on an Amazon DynamoDB database. We use Amazon SQS and DOCX to produce the written "Record of advice".

Challenges we ran into

Numerous. This is a new technology that was evolving as we were developing.

Accomplishments that we're proud of

In 2015 I took myself back to university and completed a BComm (Financial Planning), winning an AFA prize and completing the degree in two years thanks to credits and Summer School.

We have two financial planning digital assistants that have been certified by Amazon and are live. These are for individuals and one is for an Australian audience and the other for a UK audience. This technology can reach anywhere.

Our website offers the most comprehensive financial planning literacy tools of any site.

What's next for Financial Planner Digital Assistant

After certification we will be ready to start marketing.

Built With

• adobe-illustrator
• api
• docx
• node.js