Professional Paraplanner

FTRC assesses new financial planning system Conquest

AdviserSoftware.com has published a detailed analysis of new financial advice technology Conquest Financial Planning System.

The 23-page exploration of the new service looks at how it can be used to enable advisers to support different types of clients/ consumers in different ways.

Conquest combines cash flow modelling and goals-based planning to provide advisers an estimate of their client’s future earnings, expenditures, net worth, as well as the ability to explain how these may differ based on various scenarios and assumptions. Using artificial intelligence, Conquest suggests financial planning solutions contextual to a client’s situation.

AdviserSoftware.com, the adviser technology arm of Financial Technology Research Centre, was commissioned by Fidelity International to carry out a detailed analysis of the product. Conquest’s introduction into the UK market is being supported by Fidelity following its successful launch in Canada where it has been adopted by a number of adviser firms including IG Wealth Management, Sun Life and Canada Life.

Conquest also recently announced that it is expanding into the US market in partnership with Pershing/ BNY Mellon.

Ian McKenna, founder of Financial Technology Research Centre, called Conquest a “really significant product” and the first of the next generation of automated advice tools to be accessible and affordable to adviser firms.

McKenna said: “The system can be operated in a traditional mode where the process is entirely driven by the adviser. Alternatively, a “cruise control” type approach can be taken where the software will guide the process, or reports can be generated on a full “self-driving” mode where the system creates the analysis. In the latter scenarios firms do of course need to do their own due diligence to make sure the tools generate the outcomes they would expect but this allows the automation of bespoke advice at scale.

“This offers today, the sort of technology that all advisers will need as part of their propositions in just a few years when the Apple and Amazons of this world go beyond high interest accounts and insurance and enter the savings market proper.

“We were delighted to be commissioned by Fidelity to give the product a detailed going over, frankly many of the organisations offering these sorts of tools shy away from going through our level of due diligence. It is refreshing to see them willing to put Conquest up for such scrutiny.”

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