Cetera Financial Group has announced plan to launch a new facial recognition software to help financial advisers better understand their behaviour and needs of their clients.

The new solution, named Decipher, will enable advisers to gauge clients’ emotions about money using facial recognition technology and cloud-based artificial intelligence and make more personalised recommendations.

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The resultant data will be provided to both advisers and clients in separate reports. The solution will also help advisers identify potential new client relationships based on quality and substance of interactions, Cetera said.

The solution can be accessed via computer or tablet device with a built in web camera.

Decipher will be piloted in the middle of this year, with a roll out expected during the third and fourth quarters of 2017.  

Cetera Financial Group CEO Robert Moore said: “Our new facial recognition software solution represents a major step forward for the financial advice industry, and supports one of the key objectives of the DOL fiduciary rule: assisting advisers to act in their clients’ best interests.  As experienced advisers know, client decisions about personal finances have always been significantly influenced by emotions that clients and their loved ones may not be fully aware of, and which are frequently left unsaid.

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“With our Decipher offering, financial advisers have an unprecedented opportunity to deliver an advice-centric experience that takes into account the emotional and behavioural nuances that help drive clients’ important financial decisions from the very beginning of the engagement.”