Artificial intelligence (AI) is a transformative tool that’s seeing widespread adoption in many industries, including financial services. AI notetaking apps are one of the latest innovations that advisors are using to improve the flow of their meetings and better serve their clients. AI notetakers can save time, reduce errors and increase efficiency in your practice.
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How AI Notetaking Tools Work
AI notetaking tools use artificial intelligence technology to record your meetings, whether you conduct them in person or online, and generate file notes automatically. These apps can do more than transcribe client conversations, however. Advisors can also use them to:
- Create meeting summaries and share them with clients via email immediately after the meeting
- Develop task lists or action item lists of things to do or follow up on once the meeting concludes
- Maintain records of client conversations for compliance and integrate them with other elements of the tech stack, such as customer relationship management (CRM) software
Features and functionality vary by app, but they all eliminate the need for advisors to take notes by hand.
Benefits of Using AI Notetaking Apps
Using AI, specifically to take notes, can benefit both you and your clients.
You can be more present with your clients, actively listening to what they’re saying, when you don’t have to pause the meeting to jot down notes. The client also gets more time to share their concerns or ask questions when those pauses are eliminated.
You also don’t have to worry about missing a key point when an AI notetaking tool records and transcribes the conversation for you as it happens. If you need clarification on a point covered in the meeting, you’ll have the transcript to refer to later on.
Your clients can also get a copy of the conversation summary, which can ease communication between the two of you. This documentation also helps you satisfy compliance requirements for recordkeeping.
Using AI Notetaking Apps in Your Advisory Practice
If you’re interested in leveraging AI for notetaking, there are some things to address beforehand to ensure that your clients and your team are on the same page. Here are some tips for introducing notetaking apps into your practice.
- Be transparent. Clients value transparency, so it makes sense to let them know that you’re using AI notetaking tools, as well as what information is being recorded. Be prepared to answer any questions clients might have about the nature of the tool, why you’re using it and who will have access to the file notes once the meeting ends.
- Prioritize security. Managing client data, including transcribed conversations, is one of your most important duties as an advisor. You may need to review and modify your firm’s cybersecurity and recordkeeping policies to specify how AI-generated file notes will be stored, who can access them and how long those records will be held.
- Check for accuracy. AI is a helpful tool, but still an imperfect one. A manual review of AI-generated file notes or transcripts can help ensure that conversations are accurately preserved.
It’s also important to consider any limitations of the notetaking app you’re using. For example, some apps may have greater integration capabilities than others. If an AI notetaker you’re considering doesn’t integrate with your CRM, for instance, you may have to manually enter transcripts into the software.
Comparing AI Notetaking Apps for Advisors
AI notetakers for financial advisors are relatively new, and some offer a greater range of features than others. Here are a few points to consider as you compare your options:
- Does the app support both in-person and virtual meetings?
- Is the app compatible with different virtual meeting tools, such as Zoom or Teams?
- How does the app integrate with your CRM software or other elements of your tech stack?
- What’s the cost and how are pricing plans structured?
- Can you schedule a no-obligation demo of the tool before you buy?
- How does the app handle recordkeeping for compliance purposes?
- Does the app offer full transcripts as well as comprehensive summaries of client conversations?
- Are there file note templates you can use, or can you upload a template of your own making?
- What kind of support is available if you have questions or need help incorporating AI notetakers into your firm’s operations?
It’s helpful to look for AI notetakers that are designed specifically for financial services firms, since they’re familiar with both the lingo and compliance requirements. Filenote.ai, Jump and Zocks are examples of advisor-centric AI notetaking apps, though there are plenty of other options to choose from.
Frequently Asked Questions (FAQs)
How Can Advisors and Wealth Management Firms Use AI?
Advisors and wealth managers can use AI in a variety of ways, from streamlining new client onboarding to notetaking to compliance. There are also AI financial planning tools that can assist advisors with developing financial plans to help clients achieve their most important goals.
What Is the Role of AI in Compliance?
Compliance is a central concern for financial advisors, and AI tools can make it easier to avoid potential violations. For example, AI notetaking tools can transcribe client conversations and create detailed meeting notes that satisfy compliance requirements for recordkeeping.
Which AI Notetaker Is Best for Financial Advisors?
There’s no “best” AI notetaking app for advisors – instead, there are apps that are designed to meet diverse needs. Comparing the features of different apps and what they’re meant to do for you, as well as the cost and level of support provided, can help you find the right notetaking tool for your firm.
Bottom Line
AI’s possibilities are virtually endless, and notetaking apps are just one way you might consider leveraging this technology in your practice, saving you time and allowing you to better connect with your clients. Testing AI notetaker tools can give you an idea of how valuable they might be, and which one might be the best fit for your firm and your clients.
Tips for Growing Your Advisory Business
- Automation can save you time and allow you to focus on other growth tasks for your firm. If you’re spending more time than you’d like on marketing, you might consider partnering with a platform that helps you find leads. SmartAsset AMP is a holistic marketing tool for advisors who are ready to grow. Schedule a demo to learn how you can leverage this marketing tool to expand your business.
- Security is a central concern with any AI tool you use. When comparing AI tools, consider what security measures they use to store and protect information. Financial privacy laws do not exempt AI firms from their obligations to keep consumers’ sensitive information and data safe.
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