Technology and super platform, Netwealth has announced it will acquire AI automation and productivity platform, Paradino.
A message released by Netwealth CEO and Joint MD, Matt Heine, says the joint mission of the two firms is to provide advisers with the tools to automate and streamline their advice process enabling them to scale, drive efficiency and see more clients.
Additional material accompanying the announcement includes a specific breakdown around
how Paradino can deliver value at the single adviser level. It notes:
Paradino can save an adviser 9+ hours per week, generating 38% in efficiencies, equal to:
- Advising 46 additional clients
- Administering $33M additional Funds Under Advice
- Generating $213K in additional fees
In answering the question of why Paradino, Heine characterises the impact of generative AI on the advice industry as having been extraordinary. He adds Paradino aims to deliver significant adviser and practice efficiency reliably and safely across areas including:
- Automating workflows
- AI file notes
- Records of advice
- Statements of advice
- Advice presentations
- Task management
- Customer profiling
Paradino Co-Founder and CEO, Alex Gassner, has noted in a separate message to advisers that his firm will continue supporting advice practices regardless of the platform they use. For advisers utilising the Netwealth platform, however, Heine says the aim is to offer what will be a fully integrated end-to-end AI-powered automation experience:
“Ultimately, we believe it will give you more time to do what you do best: provide advice to clients and grow your practice.”
