The use of technology in the delivery of advice and efficiencies gained.

Ever since compliance has ramped up and has made the advice process a more tedious journey, I had sought ways to find efficiencies where possible in order to deliver advice in a timely manner.

At the start of this it was using voice to text to complete my file notes and over the past two years this has led to the use of artificial intelligence (AI) to minimise the time taken to complete the necessary admin and back-end work required to deliver advice in a timely manner but more importantly in a compliant way.

So, I have always believed in being an early adopter of technologies as I believe that it would allow me to have more time to be in front of the client and spend less time in front of a computer completing admin work.

Below is a timeline of is a rough guide of the advice process and how AI has allowed for greater efficiency in my process.

1. Initial contact with the client and subsequent booking, after the prospect call. Copilot or AI is asked to create an email confirmation noting key aspects required for the first meeting.

2. In the meeting once agreed upon by the client, the meeting is recorded, whether via the voice recording app on my phone or teams/zoom recording. This allows for a more engaged discussion with the client knowing I don’t need to take any notes allows for a more in-depth discussion with the client where I am fully present and I can interact with the client. The outcome is a detailed discussion where as a matter of habit, I am able to have cover all areas, compliance, advice considerations etc. Below is an excerpt of a redacted file note from Claras after uploading a recording.

I’m writing to confirm our scheduled advice appointment:

📅 Date & Time: Wednesday, 24th September at 2:00 PM
📍 Location: Level 1, 93 George Street, Parramatta NSW 2150
🅿️ Parking: Available within the building
⚠️ Access: Please notify me upon arrival so I can swipe you in

To help us prepare for your advice appointment, please bring the following documents:

Superannuation Statements – So we can assess your retirement savings and ensure your fund aligns with your long-term goals.

Insurance Schedules – To review your current coverage and identify any gaps or overlaps in your protection strategy.

Last Three Payslips – These help verify your income and support accurate budgeting and financial planning.

I’ve attached a cashflow spreadsheet for you to complete prior to the meeting. This will give us a clearer picture of your income, expenses, and savings habits, allowing us to tailor our advice to your financial situation.

If you’re unable to gather all the documents or complete the spreadsheet before the meeting, that’s perfectly okay—the appointment will still go ahead, and we’ll work with whatever information is available.

Looking forward to seeing you then.

Kind regards

3. After the meeting and as seen above a file note is completed in 5 minutes. A follow up email is also generated with a summary of the discussion. In one easy step, you are able to upload a file note and follow up email to client. This can also include a letter of engagement noting scope of advice and fees based on what was discussed

4. Where the advice strategies and consideration has been discussed in detail with the client in the meeting the system can generate paraplanning request with considerations and suggested alternative scenarios as well. So, where all information is had, the a paraplanning request can be completed on the same day and sent alongside supporting documents to the paraplanner if using one. If not, it can be used as a supporting document for the SOA.

5. Once the advice is presented once again this presentation is recorded for record keeping and the tool generates a file note that is compliant and frees you up to commence implementation and deal with your next client.

The use of technology has meant that I have been able to on board clients at a faster pace than I ever have been able to do in the past. This includes requesting AI to complete requests such as to obtain research for investment funds or review technical questions with LINKS to sources. I know this just the start, but I believe there is more to come and I am looking forward to adapting to it where it makes sense.

Lionel Iheanacho – Authorised Representative of Six Pillars Wealth