Advice Intelligence enters voluntary administration

Financial planning technology provider Advice Intelligence has entered voluntary administration following the withdrawal of future funding by a key investor.

However, the company has signalled that it has hopes of support from new investors and will continue to operate its platform to support its clients.

In a statement issued by the company yesterday it said it had entered voluntary administration following the decision of investor, Regal Funds Management (Phil King), opting to withdraw future funding.

“This decision is founded upon a landscape of high-interest rates, economic uncertainty, and the overall tightness of capital markets,” the announcement said.

Advice Intelligence chief executive, Jacqui Henderson has commented, ’We’ve survived a number of crises, from the Covid pandemic to a skilled labour shortage, however, over the past 7 years, we’ve continued to strive forward with innovation, and with our mission to help support this industry’s transition from the world of paper and analogue, towards a future of digital advice.

“This mission is something I am most passionate about, and it is terribly sad that at this critical juncture, our vision is in jeopardy,” she said.

“Our decision of voluntary administration comes as the company continues to seek financial assistance from a number of parties, however, we have not yet secured the support required.”

“I am eternally grateful for the incredible team that has worked endlessly to support a.i.’s vision over the years and hope this is not where our journey ends.”

“Advice Intelligence will continue operating the platform to support clients and work closely to keep them updated,” the statement said.