Investment platform Netwealth is betting on artificial intelligence to drive productivity among financial advisers and attract customers as it targets assets of about $250 billion by 2030.
The company told investors it would spend $20 million on acquiring automation platform Paradino on Wednesday – a system it said would allow advisers to use AI to quickly generate statements of advice, and file notes and customer profiles that are “one of the most time-intensive components of the advice process, and a significant driver of adviser capacity constraints”.
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