AI is here and it is to be embraced rather than feared. Instead of worrying about “robots” replacing humans, you can push the more tedious and laborious elements of our industry to AI and be freed up to do the parts of your job you enjoy the most. You can utilise AI to supercharge your business’s productivity, increase your revenue and remain competitive.
Here we explore five of the benefits of implementing AI technology into your business.
1. TIME SAVING
Most Financial Advice businesses are finding it difficult to balance the regulatory, compliance and record keeping requirements while operating a commercially viable, performant business. In other words, they don't have enough time in the day to meet clients, do all of the associated administration, and work in a way that's productive and doesn't bring high stress to their days. So we're hitting straight at that. We're giving you back time and we're automating the creation of File Notes and soon other key deliverables. When we formed the business, we hoped to produce a 50% saving in File Note creation time.
For a one hour meeting, it may take you between 60 to 120 minutes to produce a File Note.
We'd hoped to bring that down to 30 to 60 minutes, so save you half of your time.
If you're seeing eight clients a week and we can save you 30 to 60 minutes per meeting, you’re going to save between four and eight hours a week, so half a day to a day.
Actually what we're seeing is a much greater time saving than that. The File Notes are so detailed and accurate that Advisors are able to finish a meeting with their client, literally hang up the call and their draft File Note is waiting for them inside Fintalkr. For a one or two hour meeting, some Advisors are reporting only needing 5 to 10 minutes rather than 30 to 60 minutes to make the tweaks (including additional thoughts/comments) to the File Notes.
5 to 10 minutes! That’s one day a week in time saving, at an absolute minimum.
2. RELATIONSHIP BUILDING
Another big feature of utilising AI to create the record of your meetings is that it frees up your attention, enabling you to better engage with your Client. Some of you will be head down writing detailed File Notes during your meetings. Others may take high level bullet points with the intention of writing them up after the meeting. Either way, you're focused on trying to record and make an accurate record of the meeting during the meeting. This takes your focus away from connecting, educating and advising, and building a relationship with your client. AI frees you from that burden. It allows you to lean on the system to generate the records while you focus on the conversation.
3. DATA QUALITY / ACCURACY
We all leave a Client meeting with best intentions to tend to the File Notes promptly. However, this is not always possible. Several other meetings may have to be had before this is possible and while your notes made sense, and the content seemed perfectly clear in your mind, at the time, this diminishes with every consequent meeting and with the passage of time. It is all too easy to get confused with the conversations from other meetings and the nuances and vital details may be lost. With Fintalkr, your File Note is done as soon as you conclude your meeting. So, you can relax and move on to your next meeting in the knowledge that everything was captured.
You are therefore freed up to run from meeting to meeting without having to dwell on the last meeting. Fintalkr captures your File Note, and an audio recording should you need to check anything. What a relief!
4. COMPLIANCE AND RECORD KEEPING
Currently, most of your calls are not recorded. A few may be, but most are not. The definitive record of the meeting is your File Note that you are manually writing up which leaves room for interpretation and potential gaps in the information. Our AI provides 3 forms of record per meeting: 1) the audio recording; 2) the transcript; 3) the File Note that you have reviewed and approved.
These three forms of meeting records are there forever, should you need them.
5. MORALE AND RETENTION
You’d have to go a long way to find an Advisor who would rate the administration part of their role as the part they enjoy the most. With the implementation of AI, your Advisors are freed up to reduce the administration burden, enabling them to better service their Clients, build stronger long term relationships and generate more revenue.
It’s a competitive landscape and good Advisors are like gold. A savvy Advisor will be attracted to a company that is at the forefront of technology and will enjoy the culture of an organisation where the Advisors actually enjoy what they do.
What’s next?
Video: the recording of Teams meetings including the presentations.
Statement of Advice (SOA): with the increase in legislation coming into play next year, we will put in the beginnings of an SOA. We're already working on the ability to not only record and define the key statements from the client and the advisor out of the meetings and put it into the file mode, but then to allow the advisor, with a few short statements, to specify the advice and then combine those two things together, therefore generating a good deal of the financial advice and the SOA for you. So SOA is typically, in our experience, between 16 and 40 hours of work. We think we can dramatically reduce that.
Data Lineage: We will link the File Note sections to the sentences in the audio and transcript providing explainable AI and full traceability.
Call us today to better understand how you can benefit from Fintalkr today.
Call us today to better understand how you can benefit from Fintalkr today.
