The Benefits of AI in Creating Financial Advice File Notes – By Todd Conklin

As a financial planner, I’ve experienced firsthand the challenges of creating accurate and compliant file notes. Balancing accuracy, relevancy, and time constraints is no easy feat. Over the years, I’ve used both generic AI tools like Microsoft Copilot and Otter.ai, as well as specialised financial advice-specific tools. From my experience, the specialised tools are absolutely worth the investment. 

 

 

Generic AI tools like Microsoft Copilot and Otter.ai are great for general meeting notetaking. They integrate well with platforms like Microsoft Teams and Zoom, offering real-time transcription and summaries. However, when it comes to the specific needs of financial advice, these tools fall short. They lack the detailed compliance features and the ability to capture the nuances of client interactions that are crucial in our field. 

 

 

On the other hand, specialised tools like Claras.ai, Fintalkr, and Paradino have been game-changers for me. Claras.ai, for instance, transforms lengthy meeting transcripts into concise, actionable file notes and follow-up emails, ensuring compliance and saving me a ton of time. Fintalkr and Paradino offer similar benefits, with features tailored specifically for financial advisers. These tools not only streamline the creation of compliant file notes but also produce outputs that are arguably better than what a human could achieve. 

 

 

Aside from cost, the primary difference between generic and specialised tools is their focus and functionality. While generic tools are cost-effective and versatile (Otter.ai will cost around $15 a month), they simply aren’t suitable for the detailed and compliance-heavy nature of financial advice. Specialised tools, although more expensive, provide the precision and efficiency needed to produce high-quality file notes, ultimately saving time and reducing the risk of errors. The three mentioned in this article will cost around $120-$150 a month. Whilst a significant increase in cost over the generic options, it’s a quantum leap in functionality and relevance. 

 

 

For any financial planner in Australia, I highly recommend investing in specialised AI tools. They have significantly improved my productivity and the quality of my file notes, allowing me to focus more on my clients and less on administrative tasks. In the long run, these tools are not just a convenience but a necessity for delivering exceptional client service and staying competitive in the industry. 

 

Links 

https://mytalkr.com/fintalkr 

https://paradino.ai 

https://claras.ai 

 

 

Ensombl AdviceTech Podcast #84 – FinTalkr 

Spotify: https://open.spotify.com/episode/4DyVC5C9L3I3aZgay5Jw0U 

Apple: https://podcasts.apple.com/au/podcast/advicetech-podcast-84-fintalkr/id1211079548?i=1000656512556 

 

Ensombl AdviceTech Podcast #92 – Claras.ai 

https://open.spotify.com/episode/5aahakNqSkZe5samyJqlGS 

https://podcasts.apple.com/au/podcast/advicetech-podcast-92-claras-ai/id1211079548?i=1000662635005 

 

Ensombl AdviceTech Podcast #101 – Paradino 

Spotify: https://open.spotify.com/episode/1fbOH7YzXWBMeLTnyp1HrR 

Apple: https://podcasts.apple.com/au/podcast/advicetech-podcast-101-paradino/id1211079548?i=1000670050898 

 

Todd Conklin 

(With more than a bit of help from AI!) 

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