IRESS CEO Andrew Walsh tips widespread automation of financial advice
Financial services software company IRESS is tipping a burgeoning role for the automation of financial advice in the aftermath of the Hayne royal commission as the sector looks to rebuild trust.
The business, which is valued at $2.2 billion, provides a full suite of software services ranging from client relationship management to portfolio tracking for financial advisory and superannuation firms and dominates about 60 per cent of the market in Australia.
IRESS chief executive Andrew Walsh said the business was investing in AI and the company had already launched its first automated advice solution with WA Super last October. It lets members set their retirement goals and provides them with personal advice, which they can choose to follow or not in order to optimise their investment outcomes.
The software also lets members receive automated advice for debt management, wealth protection and savings.
“We’ve had tremendous success in terms of people engaging with that solution. We’re not just showing members what their balance is, but their goals are updated in real time against how they’re spending and saving,” Mr Walsh said.
“While it’s not the magical end of AI and machine learning, it’s in the middle automating a process that would take hours for a person to do, and the outcomes they’ve achieved without an adviser have far exceeded what other firms can do.”
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