The action continues in the AI space as two firms expanding their presence in the wealth management sector, including a new challenger in the advisor-focused notetaker arena.
Zocks announced Thursday that it has been selected by Ameritas Investment Company and Ameritas Advisory Services to support their network of financial professionals.
According to Zocks' release, its technology – aimed at transforming client conversations into structured data for registered representatives and RIAs – went through an extended field pilot at Ameritas, which showed it can save up to 30 minutes per meeting for advisors by automating administrative tasks like recordkeeping and follow-ups.
In a recent study by The Oasis Group, Zocks garnered a 92.31 percent note taking accuracy score in a controlled test. It also bested other platforms including Jump, Mili, and Zeplyn with an 87.50 percent score on action item accuracy, making it the leader in that category.
“Zocks is becoming an intricate part of Ameritas’s advisors’ daily workflows, automating routine tasks so they can focus more on what matters most and build deeper relationships with their clients,” said Mark Gilbert, CEO of Zocks.
Among other features, Zocks emphasized its compliance, data privacy, and security infrastructure as key differentiators for enterprise clients in regulated sectors.
In March, Zocks inked a partnership with Carson Group to enhance client data management and workflow automation across the Omaha, Nebraska-based wealth firm's nationwide network of RIAs.
Meanwhile, Fireflies.ai, which claims a strong profile as an AI meeting agent of choice for people at 75 percent of Fortune 500 companies, has launched a wealth sector-specific solution.
The new solution, Fireflies for Finance, positions itself as an option for wealth professionals seeking more affordable ways to automate meeting summaries and compliance documentation. The tool integrates with CRM systems like Wealthbox and Redtail to automatically update client records and meeting notes.
"Financial advisors ... spend hours after meetings documenting discussions and determining next steps," Krish Ramineni, CEO and co-founder of Fireflies.ai, said Thursday. "We're eliminating this administrative burden by automatically generating compliance-ready documentation and actionable insights from every client meeting."
Fireflies for Finance includes templates tailored for common use cases such as retirement planning, estate planning, and investment reviews. It also features finance-focused AI applications that generate client personas, estimate ROI, and track progress toward financial goals.
To meet security demands from regulated industries, Fireflies offers SOC 2-compliant infrastructure, private data storage options, and a stated policy against using client data to train its AI models.
The company highlighted its low pricing model, touting a monthly fee starting at $10 per user, well below other specialized competitors that it says charge between $75 and $100 monthly per user.
Is that enough for it to gain on other firms that have already made headway in the AI notetaking race? Maybe.
The numbers from the most recent t3 Advisor Tech survey report suggests the category is still fairly competitive, with no single provider claiming a market share above 10 percent.
Jump emerged as a dark horse in the AI notetaking race, reportedly doubled its share to take top spot over the past year, though it still ended with a smallish 8.36 percent slice of the overall text capture services pie.
Fireflies didn't make it to the list of programs respondents are considering, but it did get a nod from at least some advisors in t3's "blue box" of other notetaking programs mentioned – noted just below Zocks.
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