• Available exclusively through North, the AI FileNote assistant has been tailored and designed specifically for financial services review meetings
• In a market-first for a wrap platform, advisers can seamlessly produce comprehensive meeting file notes with ease thanks to North Interactive’s clever new AI file note assistant 
• Helping ease the compliance burden for advisers, AI represents the next evolution for North as a contemporary digital platform with best-of-breed tech capabilities 
  

North is paving the way for the next generation of client reviews after launching its file note assistant for advisers, powered by artificial intelligence (AI). 

As a market-first, North’s AI FileNote capability is a new feature within North Interactive designed to revolutionise the way financial advisers manage client review meetings. Developed in accordance with our responsible AI framework, it’s integrated in the platform and uses a large language model (LLM) tailored and designed specifically for financial advisers and client review meetings. 

North’s innovative new tool leverages generative AI technology to transcribe audio recordings of client meetings, generating a full transcript of the meeting and a structured file note that can be easily edited and customised to suit an adviser’s needs.  

This integrated approach eliminates the need for manual note-taking, streamlining the review process, reducing the risk of errors and enhancing compliance.

A game-changer for client relationships 

The feature was first introduced in a pilot run by North last year with positive results, as part of North’s commitment to support advisers in all their technology needs across the advice ecosystem.  

North’s AI File-Note helped streamline workflows, reduced manual admin tasks and allowed advisers to spend more of their time on client relationships.  

During the pilot program, advisers reported saving up to 30 minutes per client meeting using the AI FileNote tool. 

Garden Wealth Group financial adviser, Angela Pidd, participated in the pilot and called the new feature a “game-changer for improving client relationships and efficiency”, saying she was impressed with its accuracy and how it was more tailored to client reviews than other AI tools she had used. 

Thanks to North’s new AI FileNote feature advisers can be more fully engaged in client meetings, focusing on what they do best – building relationships and giving advice. 

By automating the note-taking process, advisers can save valuable time and reduce compliance risks, allowing them to focus on serving more clients and improving profitability. 

AI the key to improving practice efficiency

According to the 2024 Adviser Technology Needs Report by Investment Trends, over a third of advisers are already embracing artificial intelligence (AI) to improve practice efficiency with over in 2 in 5 expressing interest in using AI but saying they needed more education and support when it came to adoption¹. 

In addition, reporting was one of the most desired areas for AI applications, with one in three advisers who are current or potential AI users (34%) saying they would like to see greater adoption of AI tools when it came to research and modelling, followed by reporting (33%)²

Responding to adviser feedback, North’s AI FileNote feature addresses the challenges of manual note-taking during client reviews, which can be time-consuming and prone to inaccuracies. 

It follows the addition of household reporting across multiple clients to North Interactive in December, helping significantly reduce the time and effort required for client reviews. 

Angela Pidd, Garden Wealth Group financial adviser said: 

“North’s tool understands the nuances of typical client review meetings and financial terminology which gives it a distinct advantage over more generic AI solutions. 

“It allows you to capture the critical points of client meetings effortlessly, leaving you with more time to focus on delivering better client relationships rather than worrying about jotting down specific data. 

“Compared to other AI tools I’ve used, North’s AI FileNote is more tailored to client and financial adviser review meetings, which is a clear advantage.

“The main benefit was the time it saved during post-meeting processes and producing compliant file notes. The feature saved me around 70% of the time I’d usually spend on meeting notes.”

Edwina Maloney, AMP Group Executive, Platforms said: 

“When it comes to innovation, North stands heads and shoulders above the rest with a contemporary and modern platform that is not just an investment administration platform. We’re helping practices accelerate their productivity up and down the value chain. 

“The annual review process is one of the most important interactions that advisers have with their clients and we’ve done a lot of work in understanding how to simplify this for advisers, seamlessly save time and drive much better engagement every step of the way.

“The addition of household reporting to North Interactive last year was a real differentiator for us and our AI FileNote capability is the next step, supporting our ambition to have the best annual review kit proposition of any platform in the market.  

“We’re really excited by the disruptive potential of AI on North to improve efficiency and accuracy for advice practices when delivering advice at scale, without losing personalisation. With a simple and intuitive design, AI FileNote is making the critical but costly process of client reviews easier for advisers, streamlining both their compliance and client engagement capabilities.” 

“We will continue to invest in the functionality that will make the most meaningful difference for advisers who use North and there's plenty more to come in the second half of the year. Watch this space!”