Guide to AI Notetaker Solutions for Financial Advisors

Artificial intelligence (AI) has numerous uses in the advisory landscape, from financial planning to organizational tasks. Replacing your current note-taking system with an AI note taker for financial advisors can help you capture the most vital details from client meetings without taking your focus off the client. Here’s how these AI note-taking tools work, so you can decide if using one is right for you.

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What Is an AI Note Taker?

AI note takers are software programs or applications that use artificial intelligence to record notes and create transcripts of meeting conversations. AI-powered note-taking tools are not exclusive to the financial services industry, but they may be appealing to advisors who want to conduct client meetings more efficiently.

Using AI note-taking tools can help facilitate active listening on your part, which can lead to increased client engagement. You don’t have to spend time after the meeting transcribing notes, either; the note-taker does it all for you.

Some of the most advanced AI note-taking tools for advisors go beyond simple transcription. They’re equipped with features that allow them to:

• Construct meeting summaries that you can share with clients or the rest of your team
• Identify action items to address and categorize them according to priority
• Analyze the tone of the conversation and what was said on both sides to gauge sentiment
• Use meeting notes to draft follow-up emails to clients
• Develop automated workflows to manage administrative tasks

If you’re considering incorporating AI into your note-taking process, ask yourself what you’d like the tool to do for you. That can help you choose a software program or application that’s aligned with your needs.

Choosing an AI Note Taker for Financial Advisors

Not all AI note-takers are identical, so it’s worth your time to research different options. Some tools may offer a broader range of features or capabilities than others.

Cost is also a consideration, as is support should you need help. It’s also a good idea to look at how each option may integrate with the rest of your existing tech stack. Security is another critical factor; any note-taking tool you use should be designed to safeguard sensitive information, including client data.

With those factors in mind, here’s an overview of some AI note-taking tools to consider.

Jump AI

Jump is an AI meeting assistant made exclusively for advisors that’s focused on saving time and increasing efficiency. This note-taking tool is designed to cut your meeting admin workload by 90%, leaving you with more time for clients.

With Jump, you can use AI to:

• Conduct pre-meeting prep
• Create detailed meeting notes in your preferred style
• Generate task lists
• Draft follow-up emails to clients
• Update your CRM with one click

Jump integrates with a number of tech tools popular among advisors, including Redtail, Salesforce and Wealthbox.

Pricing: $75 to $120 per month; Enterprising pricing available¹

Zocks

Zocks is a multi-functional AI assistant for financial advisors that bills itself as the “only 100% no-recording AI note-taker” for in-person, virtual and phone meetings. You invite Zocks to your meeting, and the tool does the rest, taking accurate and actionable notes.

The notes are organized and automatically synced to your CRM. Integrations include Wealthbox, Salesforce and Redtail, as well as other tech tools for advisors like Zoho and Advisor Engine.

Zocks estimates that it saves advisors 45 minutes per meeting by handling administrative tasks. Freeing up that amount of time with clients can be a big advantage, especially if you frequently find yourself struggling to hit all of the key points in your meeting agenda.

Pricing: $80 to $130 monthly; Enterprise pricing available²

FinMate AI

FinMate is an AI note-taker for financial advisors that was designed by advisors. This tool allows you to take detailed notes from your mobile device, laptop or PC without interrupting the flow of your meetings.

You can use FinMate to capture in-person, virtual and phone meetings, with prepared pre-meeting notes for each client. Once the meeting is over, you can easily migrate meeting notes into your CRM and draft follow-up messages to share with clients.

FinMate is equipped to integrate with Redtail, Salesforce and Wealthbox, as well as Zoom, Microsoft Teams and Google Meet. You can easily transfer data into your financial planning software as well as your CRM. Users get back at least five hours per week in saved time, according to FinMate.

Pricing: $76 to $120 per month; Enterprise pricing is available³

Compliance and AI Note-Takers

Compliance is a critical concern for advisors, and there are two key areas to consider when using AI note-taking tools:

1. Recordkeeping

SEC and FINRA rules specify what type of records you’re required to keep regarding client communications, how long you’re expected to maintain them and where they must be stored. Any AI note-taker you use, whether it’s one that is tailored to advisors or a general note-taking tool, should allow you to create the paper trail required to meet compliance standards.

2. Cybersecurity

The SEC introduced new cybersecurity rules that require advisors to report data breaches promptly, should they occur. Data breaches can damage your brand reputation, which could erode client confidence. A reputable AI note-taker for advisors should incorporate safeguards to protect data and minimize cybersecurity risks.

That may include:

• Strong encryption protocols
• Access controls that allow you to manage who can view, edit, copy or migrate meeting notes
• Rules against data-sharing

You can take additional measures to keep client data safe by keeping any AI note-taking software or application you use up to date, requiring strong passwords and multifactor authentication for anyone who has access to the tool, and storing data backups securely.

Talk to Your Clients About AI’s Role in Your Firm

AI is gaining popularity with advisors, but your clients may take a different view of its usefulness. If you’re considering using an AI note-taker or any other AI tool, keep your clients in the loop.

Take the time to explain how you’re using AI and why, and be prepared to answer questions. Clients may be curious about how an AI tool stores their data, for instance. Give clients an opportunity to opt out of having their meeting notes captured by AI if they’re not thrilled by the idea.

Having an open, transparent conversation can help to reinforce the trust your clients put in you and reassure them that their opinions matter.

Bottom Line

AI note-takers can save time and keep meetings running smoothly. Should you decide to use an AI tool to record client meetings, compare options. Scheduling a demo of the tool or tools you’re interested in is an opportunity to experience how they work before you commit.

Tips for Growing Your Advisory Business

• Client acquisition is often challenging, and a strategic marketing plan can be instrumental in attracting ideal clients to your business. If you’re looking for a fresh marketing channel to tap, consider how SmartAsset AMP can help you increase your visibility. SmartAsset AMP (Advisor Marketing Platform) is a holistic marketing service financial advisors can use for client lead generation and automated marketing. Sign up for a free demo to explore how SmartAsset AMP can help you expand your practice’s marketing operation. Get started today.
• Advisors can use AI for more than just taking notes. For example, you might use AI to ramp up your content marketing strategy. ChatGPT and similar tools can help you draft content for email newsletters, blog articles and social media posts in your unique brand voice. AI-generated content still requires a human touch to edit and fine-tune it, but you can complete your initial drafts at a much faster pace.

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