CleverAdviser, a cloud-based fund analysis software for IFAs which uses artificial intelligence, has reported passing the milestone of £1 billion of clients’ assets on the process.

CleverAdviser was originally created in 2000 by Colum Wilde, a Cheshire-based IFA, who says he wanted to find a better way of protecting his clients’ investments from declining funds.

The business has expanded its office space and made a series of new key hires including the ex-sales and marketing director of Genovo.

Mr Wilde created an automated process to sift and sort funds regularly to inform him of the best time to switch out of underperforming funds. The business has more than £1bn of clients’ assets on the process and more than 4,000 individual investors.

Mr 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.”

Nicola Cornish, operations Director at CleverAdviser, 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.”

Among the users of CleverAdviser is Ian Little, Financial Planning director at Wade Financial.