NextWealth has launched a new artificial intelligence (AI) directory aimed at supporting financial advice professionals in knowing how and where to start when selecting an AI tool or partner.

The directory has been designed to help adviser firms considering using AI by showcasing the profiles of AI providers operating in the advice market, and providing comparable information on providers’ offers by looking at areas such as compliance monitoring, report generation, and meeting notes and summaries.

It will also look to highlight both the technical and commercial realities so advisers know what to expect, with product overview of areas including use cases, customisation, pricing, and upcoming features.

NextWealth noted that while its recent Adviser Tech Stack report found that advisers saw AI as a driver for improving data capture and quality, its latest report, which is due to launch in December, found that 55 per cent of advisers were either very or somewhat likely to change their AI tools in the next 12 months.

The firm added that integration depth, delivery, and trust will decide which providers firms choose to stick with.

The directory will start with an initial overview of 15 AI providers and will be updated regularly to include new entrants and the latest product additions.

“Financial advice professionals have been telling us that finding the right AI partner and understanding the various product offerings available can be overwhelming and a complex and time-consuming process, when focus is quite rightly on trying to run their business and support clients,” commented NextWealth associate research director, Chanelle Paynter.

“Our directory has been designed to help address these common frustrations and save time, reduce risk and offer advisers and providers a clear, independent and detailed view of a rapidly evolving space, enabling them to make informed decisions about the tools and services that are the right fit for them.”

---