Mallowstreet launches SOFI Chat for UK advice firms

Mallowstreet has launched SOFI Chat for users of its AI platform for regulated financial advice. The feature is available across a platform used by 857 UK advice firms.

SOFI Chat lets financial advisers, paraplanners and support staff query records held within the SOFI system, rather than replay past meetings or search manually through files. Users can ask questions about a single meeting, all meetings with one client, or discussions across multiple meetings to track themes, changes and decisions over time.

The tool also reads documents uploaded by advisers, including review letters, suitability reports, fact finds, provider documents and research papers. This means responses can draw on both meeting transcripts and related paperwork held by the firm.

Each answer includes a citation and a link to the relevant phrase in the transcript. The feature was developed with clients seeking a faster way to interrogate historical meeting records.

Use in advice firms

SOFI was launched in 2024 as an AI platform focused on regulated financial advice. It records client meetings held in person or online and produces a structured summary, an FCA-aligned suitability report and a personalised client letter. These are then delivered into a firm's customer relationship management system with an audit trail. Advisers review and sign off all outputs.

The platform is now embedded in 857 UK advice firms. It has processed more than 150,000 client meetings this year and is running at more than 25,000 a month.

Firms using SOFI report time savings of between three and 10 hours a week each. Mallowstreet argues that reducing administration can lower the cost of serving clients and free up more adviser time for direct client work.

The launch adds a search and query layer to a system already focused on meeting capture and document production. In practice, this could help firms retrieve information from prior interactions more quickly when preparing reviews, checking past decisions or assembling supporting material for client files.

Client demand

The feature was built in response to requests from firms using the platform. Those firms wanted to question the record of past meetings directly instead of listening back to full recordings.

That reflects a wider issue in financial advice, where firms are under pressure to maintain detailed records while managing the time and cost of serving clients. Administrative work remains a persistent burden for advisers, particularly in areas such as suitability reporting, fact-finding and review preparation.

AI suppliers have increasingly targeted those workflows, arguing that automation can help firms manage compliance demands and improve internal efficiency. In regulated advice, however, providers generally present such tools as support for professionals rather than a substitute for judgement, with human review remaining central to final outputs.

Mallowstreet said SOFI runs on Codex, its proprietary engine trained on its archive of recorded institutional investment material. The company describes SOFI as a platform designed specifically for the needs of regulated advisers and their support teams.

Stuart Breyer, Chief Executive Officer at Mallowstreet, said: "We work with our clients to create meaningful efficiency gains by embedding SOFI AI into their workflows. As a result, this helps to lower the unit cost of servicing a client, ultimately creating an opportunity to make advice available to millions more people in the UK. SOFI Chat is a key extension of our enterprise platform to help support financial advisers, paraplanners and admin support teams."