There was strong reader interest this week in the upcoming launch of an AI-based service that’s claimed by its developers to cut SoA creation time in half…
Thor.AI is just weeks away from taking its AI-based SoA service to market, with the firm’s CEO promising advisers can create custom client reports in half the time.
The firm’s Plan.AI platform was soft-launched 18 months ago, and has been put through its paces by 80 advisers working across 10 practices to help iron out the bugs.
Leading the firm is Sean Thorpe. He says a key benefit of Plan AI for advisers is its ability to take raw data – from scribbled notes to audio recordings – and convert them into a comprehensive advice document in minutes. Thorpe is joined by professionals across the country with staff in Perth, Melbourne, Sydney and Canberra.
He says the platform delivers far more to advisers than rank-and-file AI agents. Thorpe adds Plan AI has the ability to reason, and won’t deliver just a ‘best guess’ based on historical data.
The firm has been able to create an SoA, once all the data has been uploaded, in 13 minutes end-to-end, including all wealth research, modelling, file noting and documentation.
He says advisers taking part in the trial describe it as a “game changer”.
“It saves them a lot of time in reviewing notes, and checking back – that along with AI powered wealth research, modelling and compliance make a huge difference, reducing the overall time and cost of serving a client by over fifty percent in most cases,” he says.
We guarantee the profitability increase for new practices onboarding…
He also cites the case of a paraplanner who spent a week on a modelling exercise, only for Plan.Ai to take the same data and create a matching result in a few minutes.
Thorpe claims a process that can often take an adviser up to eight weeks – to collect and process data from numerous sources – can be shortened to two weeks using Plan AI.
“And we do put our money where our mouth is,” he says. “We guarantee the profitability increase for new practices onboarding.”
Thorpe says the firm is receiving three requests every day from advisers wanting to test-run the service.
Thor.AI expects Plan.AI will be available to all advisers in July.
Key features of PlanAI:
- AI powered ingestion and pre-fact find from any relevant documents
- AI powered Automated paraplanning – research, modelling and advice generation
- White labelled customer portal, including data feeds, customer led fact find and data ingestion
- Customisable automated fact-find, customer analysis, compliance, file notes and audit trails to enhance advice quality and reduce manual workload
- Generate complete Statements of Advice (SoAs) and Records of Advice (RoAs) quickly
Cut costs, uplift compliance standards, and improve customer experience - Simplified workflows through AI-supported data entry, automated modelling, and paraplanning and advice document generation
