Chester firm CleverAdviser, the cloud-based fund analysis software for independent financial advisors 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.
Mr 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.
Speaking from his Watergate Street office, founder of CleverAdviser 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.”
Operations director at CleverAdviser Nicola Cornish 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.”
Sales and marketing director at CleverAdviser, Patrick Boughton, 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.”