Financial Adviser Software - AI Transcription Tools For Financial Advisers
Financial adviser software has evolved to include AI transcription software which has become a critical tool in financial planning firms. With an ever-growing number of virtual meetings on platforms like Teams, Google Meet, and Zoom, transcription software enables financial advisors to capture, summarise, and retain important details without manually taking notes. This article explores the top AI transcription tools that can help financial advisors enhance their productivity, accuracy, and client service.
Why A Transciption Tool Is Important for Financial Advisers?
No financial adviser software tech stack is complete without an AI transcription tool. Josh covered this topic in a podcast with Ensombl here. Transcription software automates the conversion of audio into text, eliminating the time-consuming process of manual transcription. Unlike basic transcription tools, advanced software leverages AI to create highly personalised summaries, ensuring that meeting notes are tailored and actionable. This technology not only enhances accuracy but also allows advisors to focus more on their clients rather than on administrative tasks.
Examples of Transcription Software
These examples are financial software programs that are popular with financial advisers.
Generic Tools:
Otter.ai
Many recommend Otter.ai as one of the best English transcript tools as it easily integrates with most video conferencing applications and offers 300 free live transcription minutes monthly. 300 minutes is not much, and probably wouldn’t suffice for an adviser, however users can opt to increase their capacity by subscribing to a paid plan. It is ideal for those who work with a minimal amount of audio recordings and are happy for just generic summaries and would prefer to stick to a cost-effective option.
FireFlies
FireFlies provides accurate audio and video transcriptions. Do you have a phone call recording? FireFlies has got you covered. It can use dialers and transcribes your phone calls within just a few minutes. This software has been around for some time now and has some cool features like sentiment analysis. Some downsides include the awkward meeting bot that joins calls (who likes these?) and the fact that when you want to download your recording, and leave the platform, you can only download them one-by-one.
Meeting Summary Tools Specific To Financial Advisers:
Paradino.ai
Paradino has been designed with financial advisers in mind. Unlike generic transcription tools, Paradino integrates advanced features like customised templates, platform editing, unlimited use and unlimited regeneration, all essential for meeting the nuanced needs of the financial adviser. Here’s what sets Paradino apart:
Customised Templates: Paradino offers financial advisers the ability to create templates specific to financial planning, meetings, paraplanning requests, RoA’s and other compliance-related templates. This level of customisation minimises manual adjustments, enhancing consistency and accuracy in every transcription.
Unlimited Edits and Regeneration: Paradino users enjoy unlimited edits and regeneration capabilities, perfect for advisers needing to tweak specific details or regenerate text to improve clarity. This flexibility ensures that transcriptions are 100% aligned with adviser requirements.
Secure Storage Options: All of your data is encrypted and stored in Paradino’s secure cloud environment, located in Australia, United States or United Kingdom depending on your location. Paradino allows advisers to store client data securely and access files whenever needed, which is crucial for maintaining a seamless and secure workflow.
Email Summaries and Downloadable Recordings: Paradino let’s you download your summaries and draft a client friendly email which you can edit/approve before sending.
Given these tailored features, Paradino stands out as a reliable and efficient transcription solution specifically designed to meet the unique demands of financial advisers.
Claras.ai
Financial advisors have lengthy meetings every day and this makes it challenging and time-consuming for them to take notes and draft follow-up emails. Claras takes just two minutes to transcribe any meeting into clear notes. Not only this, it also drafts a follow-up email for every meeting which seems like a must for all transcription tools, something advisers should consider. Some cons are that it comes with limited storage and doesn’t allow for you to upload your own template to generate summaries into. 20 hours of included time, can be used quickly too.
Filenote.ai
Filenote.ai comes with file note reset and regenerate options. After you’re done with your meeting, it prepares the notes and sends you a copy through email, SharePoint, and OneDrive. The only thing missing in this software is that it doesn’t generate automated follow-up email drafts for you and limits you to 20 hours on the base plan, and 40 hours on the more expensive plan. In order to have your own template, you also need to subscribe to the higher priced plan.
Key Features to Look for in Transcription Software
For advisers seeking to bolster their financial adviser software tech stack – transcription tools should be top of the list. It must meet the firm’s needs, so consider tools with these essential features:
- Custom Template Upload: Ability to upload your own templates for tailored summaries.
- Unlimited Usage: No restrictions on monthly usage to ensure scalability.
- Secure Storage: Compliance and secure storage for sensitive client data.
- Client Email Drafts: Automatic follow-up email drafts to streamline client communication.
- Future-Focused Roadmap: A platform that evolves with the specific needs of financial planning, ensuring efficiency, accuracy, and security.
In Summary
As AI continues to reshape how financial advisors conduct business, high-quality, customisable transcription tools are becoming indispensable. These tools not only improve accuracy but also free advisors to focus on delivering value to their clients. Investing in the right transcription software can empower financial advisors to scale operations efficiently, delivering excellent service while saving time and resources.