AMP North has unveiled its AI FileNote assistant, which it said is the first of its kind on a wrap platform, which advisers can use to produce comprehensive meeting file notes.
The platform said the new capability was developed in accordance with its AI framework and integrated directly into North, utilising a large language model (LLM) that is “designed specifically for financial advisers and client review meetings”.
The tool transcribes audio recordings of client meetings with generative AI to deliver a full transcript and structured file note that North said can be easily edited and customised to suit an adviser’s needs.
“This integrated approach eliminates the need for manual note-taking, streamlining the review process, reducing the risk of errors and enhancing compliance,” AMP said.
Having initially launched the tool as part of a pilot, advisers included in the program reported saving up to 30 minutes per client meeting.
Garden Wealth Group financial adviser Angela Pidd, who participated in the pilot, called the new feature a “game changer for improving client relationships and efficiency”.
“North’s tool understands the nuances of typical client review meetings and financial terminology which gives it a distinct advantage over more generic AI solutions,” Pidd said.
“It allows you to capture the critical points of client meetings effortlessly, leaving you with more time to focus on delivering better client relationships rather than worrying about jotting down specific data.
“Compared to other AI tools I’ve used, North’s AI FileNote is more tailored to client and financial adviser review meetings, which is a clear advantage.
“The main benefit was the time it saved during post-meeting processes and producing compliant file notes. The feature saved me around 70 per cent of the time I’d usually spend on meeting notes.”
North added that by automating the note-taking process, advisers can save time and reduce compliance risks, allowing them to “focus on serving more clients and improving profitability”.
AMP group executive, platforms, Edwina Maloney, said the AI FileNote tool is an example of North’s commitment to innovation and helping 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,” Maloney said.
“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.
“We’re really excited by the disruptive potential of AI on North to improve efficiency and accuracy for advice practices when delivering advice at scale, without losing personalisation. With a simple and intuitive design, AI FileNote is making the critical but costly process of client reviews easier for advisers, streamlining both their compliance and client engagement capabilities.”
She added that North would continue to invest in additional functionality for advisers over the second half of the year.
Artificial intelligence has emerged as a key advancement in driving efficiency in financial advice, with Investment Trends pointing to the tech as a top focus for the profession in its 21st Platform Competitive Analysis and Benchmarking Report.
“Platforms’ commitment to innovation is evident in the breadth of enhancements made throughout 2024,” said Paul McGivern, director at Investment Trends.
“As advisers increasingly segment their client bases, platforms are taking distinct strategic approaches to tailor their offerings to these segments.”
According to the report, platforms have shown a growing focus on artificial intelligence integration, with many introducing AI tools to enhance efficiency around areas like file note transcription, portfolio commentary and education.
“Advisers are rapidly adopting AI and platforms are responding with tools for education, portfolio insights and transcription,” McGivern said.
“And the platforms that haven’t already integrated these features are fast-tracking deployment for 2025.”
They are not the first AI filenote to market…