AMP North embeds ‘market first’ GenAI capability

AMP has deployed a ‘first in market’ generative artificial intelligence (GenAI) powered feature in its adviser platform North that eliminates a major administrative bugbear for advisers – hand-written client meeting notes.

The tool, developed in-house by AMP’s dedicated AI hub, automatically transcribes and organises client meeting notes, ensuring advisers can avoid this time-consuming and error-prone process.

The integrated capability promises to eliminate manual notetaking for client meetings, “streamlining the review process, reducing the risk of errors and enhancing compliance,” AMP said.

The technology leverages a large language model (LLM) designed and tailored specifically for financial advisers reviewing their client meetings. AMP noted that the LLM was trained specifically to recognise financial planning-specific terms, including “North”, “SOAs”, “ROAs”.

The capability was piloted by AMP in late 2024, with advisers reportedly saving up to 30 minutes per client meeting using the tool.

Commenting on the FileNote integration, AMP group executive, platforms Edwina Maloney welcomed the opportunity to streamline this critical yet time-consuming review process for advisers.

“The annual review process is one of the most important interactions that advisers have with their clients and we’ve done a lot of work in understanding how to simplify this for advisers, seamlessly save time and drive much better engagement every step of the way.”

She added: “With a simple and intuitive design, AI FileNote is making the critical but costly process of client reviews easier for advisers, streamlining both their compliance and client engagement capabilities.”

She added that the AMP remains “excited by the disruptive potential of AI on North to improve efficiency and accuracy for advice practices when delivering advice at scale, without losing personalisation”.

“We will continue to invest in the functionality that will make the most meaningful difference for advisers who use North and there’s plenty more to come in the second half of the year. Watch this space!”

AMP confirmed that the tool was developed in accordance with the firm’s responsible AI framework.

AI FileNote is directly integrated into North’s existing reporting suite (available within the North Interactive client review function), and joins the household reporting feature added last year to the platform.

Correction: A previous version of this article indicated the AI FileNote tool was developed externally. AMP has confirmed the capability was developed internally by its AI development team.