Dave Giles, Sunlife advisor at Stonewater Financial Group in Toronto, said that AI will save another 30 minutes per wealth management client as they fill out all compliance forms for reviews.
The tool is part of the pilot program and allows you to pick up personal details from meetings such as family and pet names, according to Giles, who has been using AI since April.
U of T and Vanguard collaborate in AI research
Vanguard Investments Canada and the University of Toronto are partnering to investigate AI applications for investors and the financial services industry, Vanguard announced in a release.
The University of Toronto's Computer Science Bureau will establish several labs with professors, fellow postdocs and students, and will work with Vanguard's Toronto-based AI research team.
The first study focuses on the principles of responsible AI, develops AI systems that interact naturally with humans, creates AI systems that allow for independent decision-making, and trains large-scale language models to improve reliability.
The initiative will expand the Vanguard AI team in Toronto to 90 roles, providing internship opportunities for University of Toronto students.
Valsoft acquires AML software company Alessa
Montreal-based software acquisition company Valsoft Corp. has acquired Ottawa-based money laundering anti-money laundering compliance and fraud prevention software company Alessa.
This marks Valsoft's first entry into the Financial Risk Management division.
Founded in 2006, Alessa is used by over 180 organizations in over 20 countries and offers compliance software for banks, insurance companies, mortgage lenders, casinos and more.
Alessa will maintain team and CEO Holly Sythe Filippi and will continue to operate independently.
Canada Life invests in real estate planning technology companies
Canada Life is investing in online real estate planning firm Clearestate, which will introduce some of its clients and plan members to Clearestate's services, the Winnipeg-based insurance company announced this week.
The terms of the transaction have not been disclosed.
Clearestate offers property planning, settlement and enforcer services. Founded in 2020, it has received investments from Diagram Ventures, Omers Ventures, Naventure, among others. We have offices in Toronto, Montreal and California.
Last October, IG Wealth Management began integrating Clearstate into its client portal. IGM Financial, IG's parent company, also invested in Clearestate.
