In the world of financial advice, time is not just money—it’s the currency of client relationships and the key to unlocking growth. For financial advisers, administrative tasks have long been a necessary evil, consuming hours that could be better spent on client-facing activities. But the advent of generative AI is revolutionising the industry by drastically reducing the admin workload, enabling advisers to reclaim their time and focus on what they do best: advising.
With recent changes in technology, advisers are now able to leverage AI-powered file noting tools to slash administrative work by anywhere from four to eight hours per week. This significant time saving opens up new avenues for advisers to not only grow their business but also scale, as with the same number of resourcing advisers will have the ability to see more clients, directly contributing to the top line of their business.
As financial advisers consider integrating generative AI and File Noting tools into their practices, here are some of the crucial aspects to focus on:
1. Workflow: The ideal platform works tirelessly to make the provision of financial advice as frictionless as possible. Some general generative AI might get you a meeting summary, but this is where the efficiencies stop. When researching a file noting tool, advisers should consider what the purpose of this is and choose one that was created specifically for their industry.
2. Comprehensive Package: Platforms that are made for advisers can go beyond simple File Note generation. By having a complete package, with integrated tools which help with compliance and the shaping of advice, advisers can receive holistic support that increasingly extends throughout the advisory process.
3. In Person Meetings: Some tools are designed only for a digital-only world where meetings are all online. But around 50% of Financial Advice meetings are still in person, so look for a solution that can handle both. This way you can securely record your in-person meetings in addition to the online meetings for complete coverage and consistency.
4. Data Sovereignty: Client information is sensitive and should be handled with the utmost care. Ensure that any chosen platform processes and stores data in Australian Data Centres. If you are unsure type ‘Where are the servers located for XXX’ into Google.
5. Data Encryption: Top-tier platforms provide encryption for data at rest and in transit. Advisers should avoid services that fall short of this critical security measure as it opens unnecessary risks.
6. Access to Data: Always find out who at the platform company has access to your data. The best platforms provide access on a need-to-know basis only (e.g. for a support query) but prevent access for staff in all other cases. A tip here is if the file note generation is instantaneous, it’s a good indication that the process is fully automated. A delay for a few hours could suggest manual processing, which may expose you to security risks.
7. Secure Data Transfer: The method of capturing meetings and transferring file notes should be secure, ideally via a secure login to a portal with two-factor authentication. Using internet drives or email for sharing sensitive files increases the risk of cyberattacks—a risk no firm should take.
Generative AI is bringing huge productivity and compliance gains to Financial Advice. This technology is here today and empowering Advisers to double their client book and top line revenue whilst reducing risks. Using the above commonsense criteria when selecting the right AI platform means you can reap these benefits today without taking on new risks for your organisation.
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