Expanding Financial Planner and wealth manager Fairstone has added a new AI tool in partnership with Saturn AI.
The tool, called Fairstone Co-Planner, was introduced in November last year to its 500 advisers with the goal of building deeper relationships with clients.
The Financial Planning firm claims that the technology has already saved around 2,000 hours of adviser time.
Fairstone CoPlanner is an AI-powered transcription and meeting management tool, integrated with the Saturn platform.
It enables advisers to record, transcribe, and manage client and prospect meetings with ease and confidence, whether over Microsoft Teams or face-to-face using a dedicated app.
The technology creates meeting transcripts from which it generates editable structured meeting notes.
Fairstone claims is saves advisers around 30 minutes per client meeting, and has been used by its advisers in over 4,000 meetings since November.
Nick Stebbing, chief product and proposition officer at Fairstone, said: “Not only does it free up adviser time and create and distribute client reports quicker, it enables our advisers to really make the most of client meetings and enhance the human interaction.
“Instead of scribbling notes and worrying whether they’ve captured all the right information, advisers can spend client meetings really listening and responding to what is being discussed.
“It makes meetings more conversational and human and we think that’s invaluable in terms of helping to secure better client outcomes.”
Fairstone has seen a lot of change over the last year, with founder and former CEO stepping away from the business. Lee Hartley, who launched the North-East based national wealth advisory firm in 2008, stepped down from the Board in January after resigning as CEO last year.
The firm completed its largest acquisition to date in March, acquiring £1.5bn AUM West-Midlands-based wealth manager Prosperity Wealth for an undisclosed sum.
Fairstone manages over £21bn of client assets and has plans to grow in size to £40bn of client assets under management by the end of 2030. It operates from more than 50 different locations, employs 1,250 people and serves 60,000 wealth clients.