The TD Ameritrade Innovation Quest finalists have been announced and include an early warning system for leaving clients, innovative financial literacy and an AI assistant, according to Financial Advisor. This is the first year of the competition, which aims to find innovative tools for registered investment advisors, the publication writes.
The Three Finalists That Could Change Advisors’ Practices
There were 135 submissions to the fintech competition, with three finalists chosen to each receive $25,000, Financial Advisor writes. The first of these finalists was an app developed by Dr. Patrick Beaudan, CEO of Emotomy, which, through the use of an algorithm, gives financial advisors advanced warning if a client is considering leaving, according to the publication. The application also warns clients if there is a notable difference between their risk profile and investment returns, Financial Advisor writes.
The second of the finalists was an app by Derrick Wesley, the owner of iMar Learning Solutions, which teaches the importance of financial planning, the publication writes. It aims to improve the financial literacy of people of all ages, from five years old to retirement, according to Financial Advisor. Additionally, the app will provide financial education based on individual spending habits by linking to client accounts, according to the publication.
The third finalist is a voice-activated assistant from the co-founders and partners of Dynamic Wealth Solutions, Timothy Hooker and Brian Smith, Financial Advisor writes. By using language processing and artificial intelligence, the app acts as a workflow assistant, which can help increase advisor productivity and reduce the number of low-end administrative workers needed, according to the publication.
The overall winner, who will receives a further $25,000, will be announced after each finalist has proved their app works at the TD Ameritrade LINC conference in February 2019, Financial Advisor writes.
