Advisely PartnerLet's talk file notes.
Completing file notes is never high on an adviser's 'like-to-do list'. They're a time-consuming task, often taking the better part of an hour each time. BUT - they are a necessary evil.
I'd love to know how advisers are tackling file notes in your practice. Are they:
- Written / typed
- Speech to text (with the use of software or manual entry from a dictation)
- Recorded as audio / video only
Does anyone feel like they've nailed the file note process and are doing it efficiently?
21 Replies
We currently have a number of advisers doing different and inefficient things with F/Notes which we need to change. We are currently looking at recording all online meetings using Fathom or something similar and have trialled the existing transcription service on TEAMS. It resulted in 50 pages of recorded conversation - no time saving for the adviser to trim it down at all.
So... next thoughts are using mobile phone to record a F/N post meeting and having an app on the phone that will transcribe the voice to text. This way, all advisers can have the same process. Written file note can then go to Admin for actioning and into Xplan.
- anne.graham
Advisely Board
Ah, the F-word! thanks for bringing this up Tamara.Morey . I have a nice little routine re the file notes - we have a template /agenda and notes (yes, pen to paper) are made during the meetings. They need tidying up of course but I do find the sooner the F-note is done, the less time it takes because it's fresh in my mind. I have pared down the notes and they are more dot point these day. My colleagues have been exploring a transcription option and/or recording and it's a bit test-and-learn at the moment. So, no magic bullet but if I keep the notes focused and to the point, it seems to improve the outcome for me.
- Tamara.Morey
Thanks anne.graham - I completely agree that prompt and focused file notes are key to an efficient outcome. Post meeting, are your handwritten notes then typed into your CRM?
- anne.graham
Hi Tamara.Morey - Post-meeting the notes are either typed into the CRM or just scanned and saved, depending on how complex/detailed the meeting was.
- jenny.brown
Great question Tamara.Morey we used to dislike file notes, however over the past month we've been training co-pilot to help us. We have been recording our client meetings either on teams, zoom or with a livescribe pen for around 15+ years, recently we made the decision to do all our on-line client meetings on teams and we upgraded our microsoft tenant to include co-pilot for around $550 per person per year. This then provides us with the ability to ask co-pilot (our paid version within our tenant) to summarise the meeting. Summarise the action items and to dos.
It is amazing how accurate it is, and how much time it saves us.
Our IT guy suggested it takes around 3-4 weeks for co-pilot within our tenant to learn how we talk/write and provide the feedback in our words. We are finding each one is getting better.
If we are out with a client, I set up a teams meeting, and join on my phone, it takes a little more editing as there is only 1 person (me) in the meeting and many voices, but again, saves a heap of time.
Of course, we advise our clients and ask their permission, they are very comfortable with it as they know our processes.
It's been a game changer for us and I imagine will only get better.We have also used this method of recording the audio of the meeting, then having the audio transcribed in Microsoft Word, then adding that transcription to Co-pilot with either a prompt supplied by our licensee, or making our own prompts. It is extremely efficient, and does an amazing job, with even more detail included than we would include ourselves.
- luke.watson3
Advisely Contributor
sorry if this has been mentioned already and I have missed.
There are some fantastic file noting tools currently available that are specific to Australian Financial planning. Two to note are Claras.ai (which we use) Paradino and filenote.ai.
Claras has provided so much efficiency for our business that it has been oe of the biggest improvements we have had. We use Claras for meeting summaries, which are structured phenomenally well, with minimal changes required. We also use claras to also write the base of our SoA request. The SoA request allows you to upload the file notes, files i.e. fact find, other notes you may want to provide as a guide and any other documents you would like it to review that will assist you in writing the Request. Honestly, an absolute game changer for us and I would be happy to run you through how we use it in our business.
Alternatively you could spend the time writing a quality and detailed prompt for Microsoft copilot etc which would work reasonably well.
- jenny.brown
Agree Luke, since my comments last year, we have really ramped up Copilot with all the team using it extensively. We've written some really detailed prompts and saved them for the team to use. It's been a game changer for us, we are getting even more detail and personalisation than we used to. Plus getting file notes done, checked and sent to the clients and/or team within 15-20 mins.
And file notes is only 1 thing copilot is doing - everyone loves the efficiencies it's bringing to their roles. Thanks so much for taking the time to reply, Luke. We have now migrated to using Filenote.ai and find it really useful. However, I have also been looking at Claras (have a trial of it currently running) and love the idea that we can prep our advice team using any or all past documentation and having Claras prepare a summary for the Adviser before they meet with the client. I also like the idea of Claras being able to run its AI over an SOA and prepare an implementation summary for the team. We will definitely be looking into it further. Thanks for your input.
- luke.watson3
The SoA Request has been great for us. A few tweeks in the prompt to suit your business and its a game changer.
- courtney.youngblutt
Xplan Expert
I love that this discussion has come back around. It's so interesting to see how far we've come in two years since the original post. Keen to hear what others are using now and how processes have changed as a result. I wonder if anyone has any stats on the time they save!
- jenny.brown
Interesting question courtney.youngblutt no firm data, but here are some of our savings, by category:
new client file note and TOE - was taking around 90mins, now 15-20 mins including 2nd adviser checking.
existing client file note and sending off "to do's" to various team members, was taking around 30-45min, now 5-10min if several moving parts.
checking reports & documents and compare against the last one - quarterly reports were 5-6mins per report, now 2mins, less quarterly reports are having to be checked by the advisers due to any errors being picked up at processing, providing summaries now takes <5mins per report.
summarising documents such as estate planning, SoA, etc in preparation for meetings, or to answer client questions, perhaps 15min to 30mins per doc, now <5min per document.
helping write emails, documents etc. depending on the document, can save hours.
client service - checking all data entered into forms is correct = priceless as it ensures correct data, saves re-work and client fixing issues made, run the prompt in <2min, then check the form data using an exported form from xplan, another 2-5mins, saving on advisers checking data.
The list is pretty endless, every week we are finding another use for copilot, we write a detailed prompt and then the whole team benefits from the time savings, all this means we can spend more time with clients, bring on more clients, or have more free time, all of the above are winners.
Thanks so much for the reply Jenny. Would you be happy to share the type of prompt you would use to have AI compare the details on a form with the source data (i.e. Xplan)? I have no idea where i'd begin - I'm quite wary from a security point of view in allowing AI access to our source data (if that's what you are doing to be able to make the comparison).
- rainier.reyes
Advisely Team
A necessary evil indeed Tamara.Morey - interesting to see what everyone is doing out there, especially since there seems to be a growing AI presence in this space.
deborah.kent jenny.brown anne.graham mat.tenison3 - would love to know what you're doing, and if you found yourself more efficient tackling file notes one way or the other!
- mat.tenison3
Hi Tamara-Morey, a great question and such a time consuming part of the process! I was recording notes and sending to my adminstrator to transcribe, however this is still very inefficient. The last 6 months I've started transcribing to a word document, then copying to the xplan file (still too many steps!). I'm pretty sure there's a way to do it straight into xplan, so if anyone knows how to do this I'd be very appreciative! I think the next step in our journey is to start recording/transcribing online meetings and have AI summarise for the file. I've been hearing a lot about this and sounds like a very efficient way of doing things. Again, if anyone is doing this already, I'd love to hear how it's going and the mechanics behind it? Also, is there an alternative to this for face to face meetings?
- Tamara.Morey
Hi mat.tenison3 check out this recent discussion about transcribing straight into Xplan. It seems to work well in some areas, but not in others (yet).
I know that some practices who are recording online meetings do the same thing for face to face. They set up a laptop with video chat and record the live meeting. I think this is a great option to record the client consent and confirm understanding. I don't know that AI is developed enough to produce a transcribed file note in the manner we might like to see it (and able to interpret industry jargon etc), but I'm sure there are still some efficiencies to be achieved with the right software.
- deborah.kent
love the F... word anne.graham Tamara.Morey as we are a remote business we are working through teams we have like Jenny starting using Co Pilot to record notes we then put them into our filenote format for compliance. It is early days, but it has cut down time on the discussion side using AI is a great way to be efficient however I caution those entering into it that make sure you know who you are using, you need to know what access they may have to your systems. Co Pilot is part of Office 365, so we feel comfortable with it.
