Netwealth joint managing director Matt Heine and ex-MLC chief Steve Tucker have both taken a stake in financial services natural language processing platform Nod.
In a statement, the company announced it had raised $750,000 in capital as part of a funding round to support the business’ plans for expansion.
Nod, which “generates documents in real-time for finance professionals” using artificial intelligence, said it received the backing of a number of “key investors”, including Mr Heine, Mr Tucker, Padua Financial Group executive chair Matt Esler, and venture capital firm H2 Ventures.
Mr Heine said compliance-driven document generation had the potential to “save advice firms significant time, effort and expense” and that Nod may remove a “major pain point” from the advice industry.
“What really excites me about Nod and their ability to rapidly produce advice documents is the AI engine which drives it. The Nod software learns how individual licensees or advice firms like to structure advice documents and the wording and style in which they are written,” Mr Heine said.
“You can quickly and easily complete a client fact find and receive tailored advice almost instantly. This reduces friction, time and inertia from the entire onboarding experience, ultimately improving profitability and creating happy clients who don’t have to wait weeks for advice.”