Advise Wise is expanding the pilot for its Suitability Letter template, powered by Artificial Intelligence (AI).

Following a first round of feedback, Advise Wise has decided to allow more advisers to test its new feature to collect a larger number of opinions and comments from its future users.

The new Suitability Letter template has been the object of development and work behind the scenes since last year and is almost ready to be launched to the full market with free access for users of the Advise Wise Platform. Qualified financial advisers can register with the platform for free with no monthly charges.

Benjamin Wells, head of product and development at Advise Wise, said: “We’ve used the cutting edge OpenAI abilities from ChatGPT to create an industry first AI powered Suitability Letter template, enabling advisers to focus on delivering better customer outcomes rather than being bogged down with repetitive administration tasks in their advice process.

“By harnessing the full power of AI we can improve the quality of advice whilst also reducing the time cost to advisers in a win-win scenario for both customers and adviser firms in these hard times.”

Jonathan Thirkill (pictured), CEO at Advise Wise, added: “We wanted to provide advisers with a powerful and easy to use tool, to save them time but also to ensure greater focus is given to vulnerability and Consumer Duty while being compliant, reducing errors and helping the clients get the best outcome. In order to do so, it was essential for us to build the template based on our members’ needs and involve them in the process.

“Since we started the pilot we’ve been overwhelmed by the excellent feedback received. Advisers who have tested our template said it will save them hours and it fully encompasses how business should embrace technology to its fullest. We have all reasons to believe it will be a game changer for financial advisers.”