Research shows that the average advisor spends about 11 hours per week on administrative duties. Ideally, this time could be better spent on activities that are more directly connected to the firm’s success. AI can offer some relief in terms of reducing time spent on repetitive tasks. It can also help generate better outcomes by increasing efficiency, analysis capabilities, and decision-making. 

Among the many use cases, scheduling and transcription are two that can be immediately applied. For scheduling, apps like Trevor or Clockwise can organize tasks, create to-do lists and daily plans, sync calendars across apps, and maximize time for deep work and productivity. These apps also become more effective over time as they adapt, learn patterns, and can help prioritize tasks.

Another powerful use for AI is transcription. Apps like OtterAI record, transcribe, and summarize meetings and can be integrated with Zoom, Microsoft Teams, or Google Meet. Future versions of these apps could analyze communications with clients or prospects to understand their emotions and provide more personalized service and communications. 

While AI can make advisors more effective, it’s necessary to understand the limitations, especially given the nature of financial services and the importance of safeguarding client information. 

Finsum: Advisors spend 11 hours per week on administrative tasks. AI apps can offer relief, especially in terms of scheduling, transcription, and organization.