Osaic partners with Zocks to bring AI technology to advisors
Osaic has partnered with Zocks, an artificial intelligence platform, to provide its advisors with technology that will minimize some of their mundane tasks so they can spend more time with clients.
Through the partnership, San Francisco-based Zocks will be integrating its Client Intelligence Platform into Osaic’s data stack, according to Mark Gilbert, CEO and co-founder of Zocks.
The system summarizes communications between advisors and their clients and provides insights and action items for advisors. Traditionally, most of that work was done by the advisor or a junior advisor, Gilbert pointed out.
“What we’re really doing is going through these [bits] of time where the advisor’s team are spending a lot of time doing data entry and data retrieval and letting them focus more on clients and marketing,” he said in an interview.
For Osaic’s approximately 11,000 financial professionals, it means more time engaging with clients. The technology is designed to understand words and terms of relevance to the financial services community. Having that knowledge enables it to identify areas of interest for the advisor, according to Clayton Chandler, chief data and analytics officer at Osaic.
“The real secret sauce is ... the language model is trained on our industry,” Chandler said in an interview. “It’s the fact that it’s listening for phrases and words” that are specific to an advisor’s interaction with a client.
The tool will not provide advice or make any recommendations, Chandler clarified. It will simply provide a summarization of the interaction between the advisor and their client.
The partnership is the latest example of Scottsdale, Ariz.-based Osaic’s efforts to incorporate artificial intelligence into its advisors’ workflow to increase their efficiency.
The tool is currently available for an additional fee that varies depending on the advisor. Osaic is looking for additional AI opportunities with an eye toward flexibility for its advisors, Chandler said.
“We didn’t want to enter into any exclusivity agreement with any one particular vendor,” he said. “We’re so relatively new in the AI revolution that we wanted to make sure that we have a wide spectrum of partnerships.”