Advisor360's Parrot AI update gives advisors new tools to review client data

Wealthtech firm Advisor360 has expanded its Parrot AI advisor assistant to read, summarize, and answer questions about client documents. Parrot can analyze financial plans and account statements, as well as transcribe and summarize client meetings and communications.

Advisor360 acquired Parrot AI in January, with 12 full-time employees transferring to Advisor360. Since the acquisition, Advisor360 has aimed to expand Parrot AI beyond its notetaker and transcription tools. Advisors using Parrot AI are in the “multiple thousands,” including those from MassMutual and GWN Securities, Mat Mathews of Advisor360 told InvestmentNews. 

“We have this vision of how can we help advisors really know their clients as well as possible,” said Mathews, chief product and engineering officer at Advisor360. “So we added the capabilities to upload their documents, so advisors can now quickly ask the AI within Parrot to tell me what's in this document, whether it's a will and a trust or account statements, things like that.”

Parrot integrates with Advisor 360’s native CRM as well as third-party advisor CRMs such as Redtail, Wealthbox, Salesforce XLR8, and HubSpot. Parrot’s updates include new family household insights, as well as being able to transcribe and analyze audio-only recordings and phone call recordings.

Financial advisors and wealthtech firms have seen widespread adoption of AI assistants, such as tools from national RIAs Carson Group and Wealthspire, Farther, and Nitrogen. Matthews told InvestmentNews that he could foresee AI being increasingly used by advisors to generate financial advice or wealth planning recommendations to clients. 

“AIs are already being trained on understanding things like CFP exams and things of that nature, and understanding what type of advice makes sense for certain types of clients based on the regulatory statutes of best interest or suitability,” Matthews said. 

Research from NYU and GoodFin last month found that AI models from OpenAi, Google’s Gemini, Anthropic’s Claude, China’s DeepSeek, and Elon Musk’s xAI were able to pass CFA Level III exams. Earlier this year, the CFP Board launched its own AI-powered tool to help human financial advisors study for CFP exams. 

“Advisors spend a lot of personal time doing a lot of things that aren't necessarily based on relationship management and advice,” Matthews said. “So where AI really comes into place is really helping [advisors] scale so they can reach more people. Maybe people that before necessarily couldn't afford a financial advisor will be able to afford one.”