CleverAdviser, the cloud-based fund analysis software for IFAs which uses artificial intelligence, has reported passing the milestone of £1 billion of clients’ assets on the process.
The business predicts further growth and has expanded its office space and made a series of new key hires including the ex-sales and marketing director of Genovo.
CleverAdviser was originally created in 2000 by Colum Wilde, a Cheshire-based IFA, who wanted to find a better way of protecting his clients’ investments.
Wilde created an automated process that would sift and sort funds on a monthly basis and inform him of the best time to switch out of underperforming funds, protecting his clients from unnecessary losses.
The business now has more than £1bn of clients’ assets on the process and more than 4,000 individual investors.
According to a major report by Deloitte the impact of cognitive technologies on organisations is expected to grow substantially within the next three to five years.
Colum Wilde, said:
“This £1 billion milestone is testament to our client-centric approach as we effectively support IFAs in managing the assets of 4,350 investors. We have created a highly successful wealth management tool that sifts and sorts funds, informing the IFA of the best time to switch their clients out of underperforming funds, protecting their clients from unnecessary losses and maximising the possibility of better gains. We will continue to work hard at gaining more referrals and securing the trust of IFAs through a series of key initiatives during the second half of 2017.”
Nicola Cornish, Operations Director at CleverAdviser, said:
“More and more interest is being taken in machine learning, artificial intelligence and robo-advice. To our knowledge CleverAdviser remains the world’s only purely data driven, algorithmic investment service, removing the bias of human emotion from the investment process.”
Patrick Boughton, sales and marketing director at CleverAdviser, who previously oversaw dramatic growth at award-winning Genovo, added:
“I’m delighted to have joined the team as we reach this milestone of having more than £1bn of assets managed by our process. We will be working to continue to develop our relationships with IFAs so that together we can support them in delivering superior results for their clients.
“I’m looking forward to working with my new colleagues and helping to affirm the status of CleverAdviser as the UK leader in cloud-based fund analysis.
Ian Little, Financial Planning Director at Wade Financial, uses CleverAdviser to advise his clients and says clients are positive…
“When we first became aware of Clever Adviser Technology, we were fast approaching the world of RDR. At the time, we felt we were well ahead of the curve as far as delivering a clear proposition that offered value for money. However, CleverAdviser delivered this to a much greater extent. It built a much closer relationship with the clients that engaged with it. The fact that they were being contacted every month electronically as well as their annual review gave them a considerable amount of confidence in the process.
“We have had 100% retention from the clients that signed up for it and a significant number of referrals. We monitor where all of our new clients come from and it is a greater percentage of CleverAdviser clients that refer.
“Our profit has also increased somewhat. While clients pay more for this process than some of our other offerings, they are happy to do so. We believe that cost is only ever an issue in the absence of value and CleverAdviser delivers a significant amount of value net of all the costs.
“To quote one of our clients during a feedback session, “getting my monthly review email and my annual cash flow statement gives me complete peace of mind”. This kind of feedback is music to my ears. In summary, using this software has helped us build stronger relationships, improve retention rates and increased our profitability.”
"This 1 billion milestone is testament to our client-centric approach as we effectively support IFAs in managing the assets of 4,350 investors.We will continue to work hard with our IFA clients. "
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