Why Advisers, paraplanners, and compliance officers love AdvisoryAI

The templates for both LFP and IFA clients appear to be delivering the efficiencies we were looking for. This appears to be more of an issue with the data contained in the Wealthtime report than a problem with your templates.

I would say, actually, weirdly, it was kind of accidental. The reason we're using AdvisoryAI is more for the reports side, and the meeting note was just an added benefit. It's quite quick to get up and running and save time and get detail you weren't getting before. It ended up being a quick win for something we already wanted to use for everything else. There might be something not in the report and they'd say, there's no evidence you've discussed this with the client. But the meeting note provided that evidence. It might not necessarily need to go into the report, but it needs to be evidence on the file that you had the discussion. Having a full meeting note that outlines everything that's happened gives me a clearer picture of what's going on than typed meeting notes, which are subjective because the person's writing what they think is relevant out of a two hour meeting rather than a full record of it.

She wrote 6 suitability reports yesterday. 6 in a day. And I was just baffled. Nothing worse than having good tech and not being able to talk to anybody to actually get it implemented well or updated or bugs fixed.

Before implementing AdvisoryAI, an adviser would typically spend between 30 and 45 minutes manually drafting a post-review letter. With AdvisoryAI, we are now able to produce a high-quality first draft within approximately 5 to 10 minutes.

I enjoy talking to the client. I don't enjoy all the admin that goes with it. So if I can do more talking to the client and less admin, that's a massive win. It's always been a role where the majority of your time historically has been spent not in meetings but doing other things. You have to take notes in order to be compliant. You have to record what's gone on in meetings. You have to write a lot of reports. There's a lot of filekeeping or chasing of providers and investment managers. If you're doing, let's say, 200 in a year, that's a lot of time you're saving. And that can be put into other things: more client contact, better report writing, better research. It also helps in terms of staffing. Since we started using AdvisoryAI, I'm enjoying the current period probably the most because it has made life a lot easier.

Typically I normally allowed 90 minutes for a client meeting. It would almost sometimes take up to two hours or almost two and a half just to try and get everything down that we need to get down on a piece of paper. It was quite a long process, so really restricted me in terms of what I could do with my clients. It cuts down my follow-up to about half the time I spend doing it, which for me is brilliant because it means that I get to spend more time dealing with my clients and understanding them and what actually matters to them. At the end of the day, a client sits down with you and they want 100% of your attention. To have 100% one-on-one interaction with a client, for them it leaves the meeting feeling like, 'You know what? That was an hour and 90 minutes well spent.' The advisers understood what I need them to understand. The clients understood exactly what I'm asking them for off the back of it, and it just creates a very seamless process.

I remember literally going home to write all these notes and I was quite stressed out about it. It was just the stress of putting it together quickly before I forgot. My focus isn't on a piece of paper in front of me. It's now on the client, 100%. I'm fully committed to having that conversation in the background, knowing that I've got a sort of support person there writing these notes for me.