Financial advisors may be able to get advance warning when clients are considering leaving their practices through a technological algorithm now being developed.
The application will also warn clients when there has been a significant divergence between their investment returns and what their risk profile suggests.
The app is one of the top three submissions to TD Ameritrade’s first Innovation Quest competition, which was created to prompt the development of innovative tools to help RIAs. The three were selected from 135 submissions to the fintech contest. Each creator will receive $25,000. The winner among the three will be announced at the TD Ameritrade LINC conference in February and will receive another $25,000.
The app that provides early warning signals for advisors and clients was developed by Dr. Patrick Beaudan, CEO of Emotomy, a wealth management technology company based in Tiburon, Calif.
Derrick Wesley, owner of iMar Learning Solutions in Van Alstyne, Texas, submitted an app designed to improve financial literacy. The app teaches the importance of financial planning to children as young as 5 years old through people of retirement age. The app also will link client accounts with financial literacy education, providing users with financial education based on their spending habits.
A voice activated workflow assistant was created by Timothy Hooker and Brian Smith, co-founders and partners of Dynamic Wealth Solutions in Southfield, Mich.
The app they created uses language processing and artificial intelligence technology to provide a cost-effective workflow assistant that reduces or eliminates the need for low-end administrative workers and empowers advisors to be more productive.
Each applicant will present proof that the concept works at the LINC conference. A panel of judges and advisors attending the conference will select the winner.