There are countless little annoyances that advisors face in their daily work, from data entry to determining post-meeting action items. These tasks, although seemingly insignificant, can add up to a substantial chunk of time, leaving advisors with less time to focus on high-value tasks and client relationships. However, with the increasing adoption of AI-based technology, advisors in the RIA space are now empowered to reclaim some of these lost hours. According to two C-level leaders speaking to InvestmentNews, some of the newest tech integrations are already yielding significant results. A big project at Concurrent Investment Advisors is building a data lake, a unified data platform that serves as a single source of truth, preparing the ground for the implementation of AI on top of all their data, across their entire tech stack and ecosystem. This initiative has already shown its benefits, particularly in the education and training of advisors. Concurrent has introduced a chatbot-like tool, which answers advisors’ questions about the firm’s tools, how to use them, and basic client account management tasks. Concurrent’s AI-powered notetaking tool, Zocks, has also been a game-changer. Not only does it record meeting notes, but it also assigns tasks, action items, and updates directly to advisors, saving them time and increasing productivity. The tool’s integration with the firm’s CRM is seamless, allowing advisors to work more efficiently and effectively. Another firm, EViE Financial Group, has recently integrated Jump as its preferred notetaker. Founder and CEO Melissa Reaktenwalt notes that the platform’s ease of setup and integration was a major factor in their decision. The tool handles notetaking tasks, compiles notes, and assigns client follow-up and task assignments, all of which were previously done manually. This has resulted in significant time savings for Reaktenwalt and her team. Reaktenwalt also mentions that the integration of Jump has reduced errors, as advisors are no longer jumping from one meeting to the next, missing notes. This reduction in errors has led to a significant increase in productivity, with Reaktenwalt’s team saving around two to three hours a day on tasks such as data entry and client follow-up. At Concurrent, advisor teams are now leveraging the AI-powered workflow builder within Practifi, their CRM solution, to create custom workflows based on client segmentation. This has enabled them to achieve significant efficiencies, particularly for their platinum clients, who have multiple definable workflows built into the system. According to McQuaid, the teams that utilize these technologies are reporting increased productivity and growth rates, with some advisors even identifying new opportunities for clients based on the time saved. The implementation of AI-powered tools has also allowed Reaktenwalt to focus on more strategic aspects of her business. With more time in her day, she can mentally reset between meetings, leading to reduced stress and improved client relationships. Reaktenwalt also sees the potential to streamline staffing and costs, as well as improve client service by identifying areas for efficiency. Looking ahead, Concurrent is planning to implement predictive analytics, which will enable advisors to analyze their clients’ financial situations more effectively. This will allow them to consider various facets of a client’s life, such as 529 plans and insurance policies, and provide more personalized advice. Once the data lake is fully built, Concurrent’s advisors will be better equipped to use predictive analytics, saving countless hours. Meanwhile, EViE Financial Group is exploring solutions to streamline their investment management, including research and due diligence. They are also searching for a technology solution to improve scheduling efficiency. “We haven’t found the right solution yet“, but Reaktenwalt remains optimistic about the potential benefits of implementing such a tool. In conclusion, the integration of AI-based technology is revolutionizing the advisor’s workflow, enabling advisors to reclaim lost hours and focus on high-value tasks. As the technology continues to evolve, we can expect to see even more significant improvements in productivity and efficiency, leading to better client relationships and more personalized advice.
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