Advisory AI
BenW
Member
Hi all,
Does anyone have any experience of using Advisory AI? For either the meeting note taker or the suitability report builder.
We are currently going through a due diligence process on AI tools and have been fairly impressed so far with them, but would be good to see if anyone has any first hand experience.
Comments
My findings have been fairly negative to be honest and its through no fault of the tools, its the fault of providers not giving all of the information required and advising not documenting everything they should. Its the age old, rubbish in, rubbish out and unless providers and advisers start to doing everything in a robitic fashion, I think AI has a way to with suitability writing for me to be able to trust it.
Havign tested some of these, the tech itself it great. Where it can fall down is that it is very reliant on your client data being accurate and up to date. Like @Nathan says, rubbish in = rubbish out and that is where a lot of firs are at the moment in terms of their client data. It is really important the foundations are laid first before going all-in on AI, or people will be disappointed.
I don't get the rubbish in/rubbish out point - the AI can only do a meeting note as good as the meeting had with the client. If the adviser didn't discuss certain things that's on the adviser not the AI tool.
Nathan's right that these tools not quite there with the suitability reports, but they can still add value and that's something we're continuing to explore.
There's is no comparison with meeting notes well-compiled by a human being. But that's not the comparison is it? However, while it may be artificial it certainly isn't intelligent. It has no idea why the client meeting is called and that the meeting is part of a process. This has an impact on what it records in the meeting and what it emphasises in the notes. For some reason it can also put information in the notes which is wrong or invites misinterpretation. It is important that an adviser edits the notes before giving them to a paraplanner, but bad note-takers are less likely to do this. So, it is essential that a discussion takes place between the paraplanner and adviser and all information in the notes are confirmed, including things that the paraplanner considers they understand from the meeting notes.