Adviser fintech and back office provider Intelliflo has linked with fintech firm Aveni.ai to launch a integrate generative AI service which the two firms say could revolutionise financial advice workflow and compliance.

Generative AI provides algorithms which create new content and documents from existing sources. An example is ChatGPT.

The Aveni team said it has spent five years developing generative AI products to enhance financial services advice and risk management.

It said it is working towards embedding its product suite into Intelliflo Office for all customers in the coming months, to offer a tailored solution for financial advice.

Aveni said its AI meeting assistant will soon allow advisers able to record 100% of customer meetings and conduct compliance and administrative checks significantly faster.

It reckoned advisers could save up to three hours per case, offering a reduction in administrative burdens and an increase in human-to-human interaction.

Under the partnership, Intelliflo users will be able to leverage advances in generative AI, NLP and large language models, accessing AI for risk management and client service.

Nick Eatock, Intelliflo chief executive, said: “We’re always pleased to collaborate with companies like Aveni who share our vision for the future of financial advice, driven by innovation, intuitive design, and client-centricity.”

Joseph Twigg, chief executive of Aveni, said: “The financial advice industry is about to embark on the most substantial change in a generation. Both the way in which advice is delivered to customers and the economics of the industry will be transformed through the implementation of Artificial Intelligence.”

Last year Intelliflo added cashflow modelling and planning capabilities to its core Intelliflo Office system.

Aveni said its AI platform has been purpose-built to automate financial services workflow.

Intelliflo uses open software architectures to help advisers. It said its products support more than 30,000 financial advisers worldwide, representing more than 3m end-investors, with more than $1trn (£0.78trn) advised across its platforms.