AMP’s North platform has launched a new file note assistant for financial advisers powered by artificial intelligence (AI), eliminating the need for manual note-taking.
According to the firm, its AI file note capability was constructed to revolutionise the way financial advisers manage client review meetings.
The new tool leverages generative AI technology to transcribe audio recordings of client meetings, in turn producing a full transcript of the meeting and a structured file note that can be edited and customised for each adviser.
This will eliminate the need for manual note-taking, North stated, while streamlining the review process and decreasing the risk of human error.
It also utilises a large language model (LLM) designed specifically for advisers, and was developed in accordance with AMP’s responsible AI framework.
The AI tool was first implemented in a pilot run last year, with advisers reporting that they saved up to 30 minutes per client meeting after harnessing the file note tool.
Edwina Maloney, AMP’s group executive for platforms, said the firm is helping advice practices accelerate their productivity up and down the value chain.
“The annual review process is one of the most important interactions that advisers have with their clients, and we’ve done a lot of work in understanding how to simplify this for advisers, seamlessly save time, and drive much better engagement every step of the way,” she unpacked.
“The addition of household reporting to North Interactive last year was a real differentiator for us, and our AI FileNote capability is the next step, supporting our ambition to have the best annual review kit proposition of any platform in the market.”
AMP is excited by the disruptive potential of AI, Maloney added, to enhance adviser efficiency and accuracy when delivering advice at scale, without losing personalisation.
She also flagged further announcements ahead, stating: “We will continue to invest in the functionality that will make the most meaningful difference for advisers who use North, and there’s plenty more to come in the second half of the year.”
According to Investment Trends’ 2024 Adviser Technology Needs report, more than one-third of advisers are embracing AI to improve practice efficiency. Over two in five also expressed interest in using AI but said they needed more education and support when it came to adoption.
