George Lucas

After finding some commercial success developing retail micro-investing app Raiz, industry entrepreneur George Lucas says his latest venture will re-invigorate a lethargic advice process.

Lucas, who is also the founder of investment manager Instreet, has teamed up with Steven Goh, developer of one of the online stockbroking pioneer Sanford Securities, to create Your Beautiful Life, an AI-powered tool that will automatically create a Statement of Advice from recording a client conversation.

Goh tells Professional Planner the company is not trying to do robo-advice or replace financial adviser and is instead only to be used as a service for advisers.

“They want to have a human being there – it’s 2023 and people still want to have a human relationship,” Goh says.

“This is about augmenting that relationship, making it economically viable for people to have deeply personal relationships with their adviser and get timely and personal advice. We’re not manufacturing $250 cookie cutter SOAs.”

Lucas adds there are three different AI programs working on the voice recordings to cross-check against other to maintain the highest level of accuracy possible. “This is an enterprise grade thing, not something on a phone,” he says.

Goh says the technology will take the client recording and develop a draft SOA “within minutes” that is 95 per cent accurate and then relying on the adviser to do final checks.

“We can operate and do all the data entry into Xplan or Astute Wheel or any other platform or system, getting away from all the frustrations that people have with legacy platforms,” Goh says.

Lucas adds the AI will also pick up what the adviser’s value proposition is so they will be able to maintain that during the automated process.

Expanding the market

Goh says there are a lot of people in the market who don’t get advice because they’re confused or fearful or think it’s too complex or expensive.

“We change the cost equation and the customer experience equation,” Goh says.

“This opens up the ability for planners and people in that industry to offer more accessible services to a larger population.”

The way the company sees it, most people want to have a relationship with an adviser the same way they do with a doctor, essentially a professional they can trust when they need a check-up.