Tech firm CogniCor and Microsoft have teamed to create a series of digital assistants for the wealth management and insurance industries.
The new AI-powered tools will help advisors tackle a variety of administrative tasks, allowing them to spend more time with their clients, said Sindhu Joseph, CEO and co-founder of CogniCor, which is based in Palo Alto, Calif.
“We handle all of the usual jobs of the administrative work of the advisor,” Joseph said. “The advisor can save a lot of time, make sure they can serve more clients, and focus more on the advice rather than the other activities around it.”
The digital assistants can help with client meetings, handling scheduling, creating the agenda, recording it, taking notes, and creating action items that stem from the meeting, she said.
“For advisors, this is basically supersizing their ability to serve their clients,” Joseph said. “You are free to think about what advice would I provide to the client rather than all of the other tasks around it.”
Advisors can access the tools on CogniCor’s website. The firm offers three modules that serve home offices, advisors and investors.
CogniCor is marketing the assistants to advisory firms with at least $1 billion in assets under management, although it is open to working with other firms. The service's cost depends on the firm's size and ranges between $100 and 150 per month per user. The more advisors at a firm, the lower the price in that range, Joseph explained.
The new assistants will function as a predecessor to a ChatGPT-like AI geared for the wealth management industry that CogniCor plans to introduce by the end of this year, Joseph said.
“A broader mission for this partnership is to create a wealth ChatGPT that is more fine-tuned to the wealth industry,” she said.