Generative AI can be a valuable tool for financial planning in several ways

Scale and growth within your business relies on an efficient back office. Staying ahead requires more than just traditional methods like outsourcing your admin and paraplanning offshore.

Combining an excellent outsourcing relationship with technology lets you leverage both the reduced human capital cost of outsourcing offshore and the best technology to drive real scale and growth within your business.?That's where Generative AI comes into play, and we’d like to explore its application in your back office a bit further.

We see AI providing immediate value in the financial planning process from first meeting with a client all the way to preparing paraplanning instructions. This means taking relevant file notes and summaries from meetings and preparing these in a personalised way, to the collection of information from super/investment and other portfolio statements, to providing an initial in/out of scope paraplanning request form all automated.

Here's where we are currently at with AI in Financial Planning specifically.

• Automated File Note Systems and Meeting Summaries: AI-powered systems efficiently extract and summarize client data from documents like statements, wills, and insurance policies. By categorizing and tagging notes based on content, AI ensures quick access and comprehensive data management. This automation saves significant time previously spent on manual notetaking, allowing more focus on strategic activities.
• Enhanced Fact Find Process: AI improves the accuracy of fact-finding by automating the extraction and validation of financial information from various sources. This reduces errors from manual entry, ensuring precise capture of clients' financial profiles. Financial advisors can then concentrate on providing personalized advice, enhancing overall client satisfaction.
• Automated Paraplanning Request Form: AI assists advisors in preparing paraplanning instructions for client advice strategies. It automates data extraction and analysis from financial documents and client profiles, streamlining the process for accuracy and completeness while saving time. AI's analytical capabilities provide insights that help advisors tailor advice to clients' goals and risk profiles. Clear presentation of complex data fosters trust and improves collaboration between clients and advisors. These advancements collectively save advisors 15-20 hours weekly.

We love hearing from our new clients. If you're interested in a simpler and less stressful way to deliver advice to your clients, please don't hesitate to reach out. We're well-prepared and eager to help.

We're excited to introduce Paradino our proprietary AI tool:

This innovative solution automatically summarises Discovery, Fact-Find, Statement of Advice presentations, and Review meetings, producing both professional file notes and concise client summaries you can send out. This streamlined process saves advisers over 5 hours per client, significantly boosting productivity and allowing more time for high-value client engagement.

To see more, head to https://paradino.ai/ or to book in a demo just reach out to [email protected]