St. Louis-based Plancorp Wealth Management was the subject of a recent case study for CogniCor’s Advisor Copilot solution. After 28 days, the RIA found that its client-facing users saved 45 to 60 minutes per meeting on preparation activities and approximately 60 minutes on follow-up tasks, including meeting notes, action item creation and emails generated.
Plancorp estimated this time savings equated to between three and 10 hours per day for advisor teams, representing more than 700 hours over the month.
In the study, Plancorp partnered with CogniCor to implement an intelligence layer that integrated existing workflows and unified client information into meeting-ready context, insights and actionable follow-ups.
According to the study, CogniCor helped the firm enhance efficiency across 17 metrics, and improvements in advisor consistency, client trust, confidence, clarity, productive client conversations, focus on long-term planning and client transitioning between advisors.
“Delivering personalized advice requires more preparation and coordination, especially as firms continue to scale,” said CogniCor CEO and Co-Founder Sindhu Joseph. “While firms have the information professionals need, it is not readily accessible to the right people at the right time. Advisors spent more time assembling meeting materials than developing meaningful relationships with clients. AI should move beyond achieving efficiencies to empowering advisors to deliver a high-quality, more personalized client experience, at scale, and these data confirm this approach.”
The study also said that clients with newly assigned advisors felt as though the advisor had “known them for years.”
“CogniCor didn't change our advisory process,” said Chris Kerckhoff, President and CEO, Plancorp. “The intelligence layer eliminated the friction that slowed advising effectively at scale. Incorporating CogniCor’s Advisor Copilot allows us to allocate more bandwidth to client connections and reduces the risk of something slipping through the cracks. This goes well beyond note-taking or automating calendaring – it makes us better advisors.”
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