AI, AI, AI. It seems as though it’s all anyone is talking about these days. There’s no question that artificial intelligence is reshaping the global economy. Whether that change is positive or negative depends on your outlook. Likely, it will be some of both. With so much of our cultural conscience dedicated to Ai I thought I would brighten your summer by adding to it. Lest you think your financial advisors are Luddites ready to smash knitting looms.
The reality is that any business, large or small, that isn’t looking at ways to thoughtfully leverage Ai may find itself relegated to the dustbin of history. The key is to invest wisely, tune out the hype, and focus on technologies that enhance our team’s capabilities and improve the experience we deliver to our clients.
How EBW Is Using AI
Smarter Meeting Notes with Jump AI
The first tool we adopted is an Ai notetaker called Jump Ai. This is a system that joins our meetings and takes notes for us. At the end of the meeting, it provides us with a clear and detailed summary of the conversation along with a list of tasks. Once reviewed for accuracy, these notes are ready to be attached to your client record and the tasks sent to the staff for quick action. Jump Ai is saving us a bunch of time over having to interpret our chicken scratch handwriting and then typing it all into the contact record. Plus, Ai takes far better notes than I ever did, and it allows us to focus on you and not on faithfully capturing each word. Using Jump Ai doesn’t mean that we need fewer staff, but it’s making all our staff more efficient. Our system is designed specifically for financial advisors so you can rest assured the information is safe from prying eyes and the transcript gets deleted after 7 days.
Modernizing Estate Planning with Wealth.com
The next investment we’ve made in Ai is a technology driven estate planning service called Wealth.com. In the past, we have recommended that all our clients meet with an estate planning attorney to draft and update important documents such as wills, powers of attorney, Advanced Medical Directives and trusts. This process is lengthy and often quite expensive. For many of our clients, Wealth.com will provide a streamlined, more affordable alternative.
My wife and I were the guinea pigs and used the system to update our own documents and create a trust. I also used Wealth.com to create an Advanced Medical Directive for my daughter who recently turned 18. Many families overlook this critical document when their child becomes an adult without realizing that health regulations may prevent a medical professional from speaking with you about your child’s care. Because of its importance, we will be offering the Advanced Medical Directives to the children of all clients at no cost.
Looking Ahead
These are our most significant AI investments so far, but they won’t be the last. We are continually evaluating new tools as the technology evolves, always with an eye toward enhancing your overall experience and improving efficiency. Ai will never take the place of people, so rest assured when you call us it will always be a friendly voice who picks up the phone.