intelliflo partners with Comentis to help advisers assess financial vulnerability

intelliflo is the first firm to integrate with the financial vulnerability assessment platform to support a growing number of advisers in the identification of financial vulnerability. Advisers who are customers of intelliflo will have immediate access to Comentis’ software via the intelliflo store.

Comentis’ software – the Cognitive Assessment Engine (CAE) – combines technology with the clinical expertise of mental health and psychology specialists to provide objective and consistent vulnerability assessments to financial services firms. The platform can be integrated with advisers’ existing technology and processes and provides users with a clear audit trail.

The FCA recently estimated up to 24m UK adults could be currently defined as vulnerable, meaning financial advisers will need to have the necessary processes and protocols in place to support these customers accordingly and adequately.

Jonathan Barrett, co-founder and CEO of Comentis, said: “We’re really excited about partnering with intelliflo and what it means for advice firms. intelliflo is taking the lead in providing advisers with the tools that will better enable them to identify client vulnerability, which is why today’s partnership is a milestone for the financial services industry. Advisers can’t wear all hats - it’s a demanding job, particularly now with the added complexity of the pandemic and a spike in the number of individuals needing additional support to manage their finances. However, clinically-based tech like Comentis’ will be the balm for some of the pain points experienced by this community when it comes to assessing potentially financially vulnerable clients.”

“With intelliflo’s technology solutions and Comentis’ market-leading software, advice firms will be able to better identify financially vulnerable clients, easily, objectively and consistently.”

Nick Eatock, CEO of intelliflo, commented: “For many individuals, last year took its toll on finances and a significant number of people entered 2021 with a depleted bank balance and in different financial circumstances to the year prior. This will entail more customers seeking financial advice and an increase in potentially vulnerable customers struggling to manage debt, particularly once government initiatives fizzle out.

“Financial advisers will need all the support they can get to manage workloads, and Comentis’ Cognitive Assessment Engine will help advisers with the added challenge of assessing vulnerability and mental capacity. The combination of cutting-edge SaaS tech with clinical knowledge is a first of its kind and will ensure at-risk customers are supported.”