Remote IFA firm TFAS Wealth has linked with fintech Aveni.ai to add AI solutions across its UK business offering.

TFAS Wealth offers remote financial advice across the UK.

It said the investment in Aveni’s AI technology will help support quality assurance and compliance capabilities, as well as create efficiencies for advisers.  

It will use Aveni Detect and Aveni Assist to enhance adviser productivity and streamline compliance workflows with automated assurance, reducing a 90-minute QA assessment to around 15 minutes, the firm said.

It added that the tools will also allow improved CRM administration and the ability to generate client suitability reports and post-meeting briefs within minutes of interactions taking place, potentially reducing admin time by up to 75%. 

Jeff Lange, group chief executive, TFAS Wealth said: "We continue to challenge the status quo within the financial services market by embracing innovative, value-adding technology. The partnership with Aveni perfectly aligns with our commitment to leveraging advanced technology to enhance our remote advice proposition. 

Karina Bowden, group chief risk officer, TFAS Wealth said: “This will allow my Risk, Compliance and Quality teams to have much more oversight of the entire business.”

Jamie Hunter, chief operating officer at Aveni, said: “The financial advice model is under increasing pressure to deliver more for customers, while demonstrating a specific and data-driven approach to compliance and quality assurance.

“The strategic partnership between Aveni and TFAS Wealth with the deployment of our vertically-aligned automated compliance and workflow tools is expected to deliver efficiencies across the whole value chain.”