Foster Denovo announces AI partnership with Palindrome

Wealth management consultancy Foster Denovo has partnered with fintech firm Palindrome to utilise agentic artificial intelligence (AI) in its operations.

Foster Denovo said the partnership would allow its UK-wide business to harness the opportunities offered by workflow and agentic AI solutions, with further developments to come.

The consultancy will be able to use unstructured information, alongside its structured data lake, to enhance it’s the way its advisory and consulting teams utilise technology.

Through the partnership, Foster Denovo will use AI-enabled workflow tools to reduce administrative burden while increasing client-facing activity and reshaping back-office infrastructure.

Foster Denovo group managing director, Helen Lovett, said agentic AI would free up colleagues to spend more time on client-facing business and transform the back-office systems in private wealth.

“Logging on to different portals, waiting on the phone, wading through electronic files already belongs to a bygone era,” Lovett continued.

“Using an AI chatbot to surface intelligence from data, documents and call recordings is transformational.

“We’re diving in because of the step change in ways of working that are now available. Pre-meeting packs, fact-finds, suitability letters can all be drafted in minutes. Typing in a question gives you the answer.

“It will utterly transform the tasks underpinning the advice we give and clients will see an immediate impact. It’s no exaggeration to say the possibilities are endless.”

Palindrome co-founder, Ed Beckett, added: “What stands out about Foster Denovo is the quality of its process and its readiness to embrace AI."

“Adopting an agent-native operating system tailored to how the firm works is a decisive step. Advisers didn't train for years to spend their days on data entry and letter writing.

“Palindrome takes core parts of the advice lifecycle off their hands, so they can focus on the elements only they can deliver: the human ones.”

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