After polling adviser members on their tech needs, founders Paul Heath and David O’Hara began to explore the option of building something unique.

The platform is now being rolled out and is in use by Corbel’s growing bank of 145 adviser members.

Corbel’s adviser tool comprises several unique dashboards that allow advisers to complete CPD, create comprehensive client profiles, measure risk and vulnerability, and send protected messages.

Its most recent update includes the integration of Aixigo cashflow modelling software.

The network heads say their biggest bugbear with pre-existing tech solutions was that the modernisation of advice often comes at the expense of client relationships.

Heath said: “Tech is put in place to make advisers’ lives easier – but in many cases, this means talking to their clients less. But our members didn’t want to spend less time with their clients. They wanted tech that freed up client-facing time and gave them total flexibility within that relationship.”

Corbel Partners set out to create an adviser tool that suits every generation of IFA, not just the youngest in the profession. The platform allows advisers to pick and choose how much they engage with its comprehensive suite of features.

O’Hara said: “Some advisers still like doing things old-school – and who are we to stop them? Our purpose as a network is to let IFAs run their business in the way they see fit.”

“For example, some may just use this tool for CPD and fact finding. That’s no problem to us. If they want to keep using paper documents and maintain client contact on the phone or using email, our platform allows that total flexibility.”

On the other hand, for younger IFAs who wish to fully digitise their operation, Corbel Partners’ new tool has the scope to do just that.

One adviser said: “Although this tool has only just launched, it has already made life so much easier for us. All my CPD information is in one place, and my clients have a secure location to track their financial plan – we couldn’t really ask for anything more.”

Heath added: “The world of fintech is changing so quickly, so we wanted a tool we had full control over, one that can adapt to our changing profession and help advisers do their jobs no matter what comes,”

O’Hara further said: “This has been an extremely time-consuming, expensive process, but we are so happy that it has come to fruition and that our advisers are loving it. We’re in this for the long haul, and are pleased that our tech solution can finally support client outcomes in the way it should.”

Corbel Partners is an independent financial advice network with 145 members under its supervision. The firm was founded in 2005 by Chartered Financial Planners, Paul Heath and David O’Hara.

Recent events have turned this dynamic upside down, potentially converting the industry’s biggest headwind into an important tailwind:

• A surprise repeal by the US Senate of anti-crypto accounting rule SAB 121 – even although this was vetoed by Biden
• Unexpected approval of ETH ETF by the SEC;
• FIT21 regulatory framework passing US Congress with broad bipartisan support;
• Biden administration “eager to work with Congress to ensure a comprehensive and balanced regulatory framework for digital assets … which will promote the responsible development of digital assets”;
• Trump stating he will “ensure the future of crypto and the future of bitcoin will be made in the USA” and to “support the right to self-custody”.

While this needs to be followed through by actual implementations, it is clear that we are on a path to regulatory normalization. We believe it is hard to overstate the impact of this U-turn and it makes us even more bullish on the medium-term trajectory of blockchain technology.

It is no exaggeration to say that this technology is being used to build a “True Internet Economy”. With the invention of blockchain protocols for the first time we can transfer value natively over the internet. This allows anyone globally to transact with each other without the need for a trusted intermediary.

We think about it as the logical evolution of internet technology. First, we invented how to send information over the internet, without a trusted intermediary, connecting the whole world and removing all friction. Today, over 90% of all the world’s data flows over the internet. And even more importantly, the internet has completely revolutionized the creation of data to the point where every two days we are creating the world’s total data volume of 30 years ago.

Now we have progressed to the point where this globally distributed network of computers can come to instant consensus on who owns what in the digital domain. And this enables the native movement of value over the internet. This is another massive concept. And what it will do is that it will move the vast majority of economic activity onto the internet and for the first time enable the true internet economy.

It is hard to imagine what this future will look like, just like it was hard to imagine what the first version of the internet would unlock. What we know now is that the ‘Internet of Information’ created trillions of dollars in value by making the exchange of information frictionless. We believe that making the exchange of value frictionless is an even bigger deal. The new economic activity unlocked by the ‘Internet of Value’ will revolutionize commerce to the point where in a few years daily value transfers over the internet will be a multiple of al combined value transfers today, likely generating tens of trillions of dollars in new value creation.

Just look at the first killer application of the technology, which are stablecoins. With stablecoins you are able to send dollars over the internet instantly and for less than a cent, as you don’t need a trusted intermediary. You can see this as the equivalent of email, the first killer application of the current internet. In Q1 2024 alone stablecoin volume was $6.3trn, dwarfing the combined Q1 transaction volumes of PayPal ($403.9bln), Visa ($3.2trn) and Mastercard ($1.9trn).

The next step is that nearly all financial assets will be moving onto blockchain networks, as it is cheaper and more efficient, something that BlackRock is now very vocal about. In a few years you will be paying anywhere with any asset you own. The world will be one big liquidity pool as a side effect to the internet of value. And this will only be the start. Being natively on the internet, all these assets will have superpowers as they become programmable. As an example, just think about the “unlock” to be able to use any asset as collateral in an internet wide economy.

But most of the future use cases are difficult to imagine today, very similar to the original internet. What is clear today is that unlocking the true internet economy will lead to enormous value creation and that the world once again will become much smaller.

By Ruud Smets, CIO, Theta Capital

This MPS service, which can build either easy-to-implement, tailored, or fully customisable, white-labelled portfolios, is offered to end investors exclusively through adviser firms where the trend towards custom MPS is growing rapidly.

As part of the collaboration, Paradigm Norton partnered with Collidr on Paradigm’s advisory, risk-range model portfolios, including accumulation, income and responsible options, which Collidr will manage using their proprietary technology and ‘Quantimental’ investment approach.

This approach combines Collidr’s team of experienced institutional fund managers with behavioural research and AI-driven technology to ensure that investments are suitable for each portfolio.

Symon Stickney, CEO of Collidr, said: “We’re delighted to partner with a strong brand and firm such as Paradigm Norton. We each bring unique and complimentary skills to the table – that means Paradigm Norton’s advisers are able to deliver to their clients enhanced risk management and governance, and transparent reporting.”

David Burridge, investment committee chair of Paradigm Norton, added: “We onboarded with Collidr in 2023 and nearly a year in, it has been a great experience. We really liked how Collidr offer only bespoke MPS. They really are helping us to be a better version of ourselves. Collidr were always keen to listen to what was important to us and were flexible in how they can best help, looking for the opportunities to add value. For example, they have helped us secure institutional pricing terms on some of our funds, helped with articulating market news and updates to our investment focused clients and assisted with consumer duty requirements.

In short, overlaying Collidr’s expertise, oversight and DFM permissions, with our in-house capabilities and philosophy has provided a market leading solution for investors who are looking for low-cost, evidence-based portfolios and responsible solutions.”

According to Burridge, Paradigm Norton partnered with Collidr on this service for three key reasons:

1. Collidr’s ability to understand our current investment proposition and build a bespoke discretionary service model to meet these unique requirements and objectives.
2. Its institutional approach to sustainability and long term partnerships that support advisory firms in delivering these solutions.
3. Its market-leading risk management and interactive reporting capability, which allows IFAs to spend more time with clients. This is particularly important in light of the FCA’s Consumer Duty which has sharply increased the compliance burden on adviser firms.

Stickney added, “We will continue to see rising demand for all forms of MPS offerings over the coming years, from easy-to-implement ‘select’ portfolios to fully bespoke MPS solutions, which deliver the investment proposition advisers are looking for.”

“Adviser firms focus on using technology to benefit their businesses has never been greater. Collidr will be launching a new AI-driven, portfolio management and reporting platform to help advisers further automate and address the need for better portfolio oversight, risk management and personalised reporting, which will help them improve productivity and enhance the overall client experience,” said Symon Stickney.

Paradigm Norton is one of the largest independent financial planning companies in England, serving more than 1,000 clients with over £1.39bn of assets under  management and employing over 85 people across four offices: Bristol, London, Exeter and Torquay.

Launched in 2010, Collidr’s operations include an investment management firm, Collidr Asset Management Limited, which is authorised and regulated by the Financial Conduct Authority and uses Collidr’s proprietary AI technology, and Collidr Technologies Limited, which offers this technology on a stand-alone basis, in addition to research services, empowering investors to make better investment decisions and digitalise the investment process.

Collidr’s technology and services are available to: Financial Advisors, Wealth Managers, Actuarial Consultants, Private Banks, Life Companies, Pension Scheme Advisors / Providers, Asset Managers, Discretionary managers, Family Offices.

This new partnership means that the CISI’s Certificate in Ethical AI will be added to the Innovate Finance elearning programme and made available to all Innovate Finance members.

Educational charity and professional body the CISI has a global membership of over 53,000 based in over 100 countries. The Institute offers qualifications and lifelong elearning opportunities for those working or aspiring to work in the capital markets, financial planning and wealth management professions.

The CISI launched its Certificate in Ethical Artificial Intelligence (AI) in November 2023 as part of its campaign to champion ethics and transparency in the use of AI. The certificate was introduced as part of an ethical AI initiative by the City of London Lord Mayor Michael Mainelli, Chartered FCSI(Hon), with key input from the Lord Mayor’s steering group for this project.

Since its launch, 3,000 professionals, 7 financial services regulators and 4 central banks in 50 countries have registered for the CISI Certificate in Ethical Artificial Intelligence (AI).

Machine Learning/AI is listed as a priority future skill for the UK financial services sector by the Financial Services Skills Commission (FSSC) in its recent report.

Janine Hirt, CEO of Innovate Finance said: “We are delighted to be partnering with CISI to offer our members the CISI Certificate in Ethical Artificial Intelligence. Our world-leading UK fintech sector has always led the way in harnessing new technology to improve the financial services industry for consumers across the country. This course will provide our members with an in-depth understanding of the fundamental ethical and management issues in the deployment of artificial intelligence, helping to ensure we utilise this technology in a safe and responsible way.”

Tanveer Bhatti, group head of Model Risk Management at Revolut said: “At Revolut, understanding AI ethics is vital for ensuring the safety and trust of our customers who use our banking app. We’ve subscribed our senior leaders to the CISI and Innovate Finance AI certificate, allowing them to upskill and reinforcing our commitment to responsible AI use and customer protection.”

Tracy Vegro OBE, CISI CEO said: “It’s a great privilege to be working alongside our partners Innovate Finance and to support them with their vision to boost the understanding of ethics in AI for their members. This is the first of many future digital skills and financial literacy projects we will be collaborating on with Innovate Finance. Innovation and integrity need to go hand in hand and AI systems rely on large amounts of data, which raises privacy concerns. Without ethical guidelines and regulations in place, the misuse or mishandling of data can result in harm to individuals or groups.

“We want to support the fintech and professional services practitioner community to understand that AI systems need to be transparent, accountable and inclusive. As AI becomes more advanced and widespread, there are growing concerns about issues such as bias, transparency, accountability, safety, and employment trends. If people do not believe that AI is being developed and used in a responsible and ethical manner, they hesitate to use or interact with beneficial technologies. This course will help Innovate Finance members understand the issues and opportunities posed by AI in financial services.”

The certificate will become available to Innovate Finance members on 1 July 2024.

The tools utilise automation and FNZ’s end-to-end wealth management technology, putting control back into the adviser’s hands, the statement said.

The new adviser tools will include a digital adviser access and workflow tool for Aviva’s Client Asset Transfer Service (CATS), which provides material efficiencies to transfer assets at scale onto the Aviva platform, saving significant time by equipping advisory firms and platform teams with the capabilities to perform high volume tasks more efficiently.

There will also be new digital analytics capabilities encompassing Enhanced Client-Base insights for advisers, allowing for greater customer personalisation. Additionally, the launch of the new Adviser Hub will offer a centralised workspace with a configurable dashboard, enabling quicker integration of new applications and enhancing the overall adviser proposition.

The launch of these tools comes after the 15-year extension of Aviva’s partnership with FNZ, announced in January this year, to support Aviva’s ongoing focus to simplify and transform the operations of its UK Insurance, Wealth & Retirement (IWR) business.

Al Ward, head of adviser platform, Aviva said: “It’s an exciting time for the Aviva platform and developing these new services will help enhance the great service advisers already provide. Using the latest technology to constantly look at better ways to operate and integrate really helps move things forward creating a better experience for advisers and their clients.

“Aviva is committed to delivering for the advice market and are pleased to have worked closely with our technology partners at FNZ to deliver these new tools and services”.

Alastair Conway, chief executive officer, UK, Middle East and Africa, FNZ said: “Our goal is to give advisers more control, helping them deliver better outcomes for investors and drive the growth and efficiency of their businesses. As we roll out enhanced digital analytics capabilities, and a range of new workflow, asset transfer and dashboard configuration tools, the Aviva Adviser platform will help advisers free up time and deliver ever more personalised products for their clients.

“Aviva is a highly valued strategic partner, and we look forward to continuing to support the Group’s growth ambitions, while furthering our purpose to open up wealth and help everyone, everywhere, invest in their future, on their terms.”