Osaic, the wealth management strategy provider, last week announced the addition of artificial intelligence-powered documentation platform Scribe.
Scribe, which is now available to Osaic advisors, is meant to streamline workflows, accelerate onboarding and improve operational consistency, according to a statement. Scribe enables advisors and their teams to automatically document processes as they work, creating step-by-step guides complete with screenshots, annotations and written instructions.
Anthony Lancaster, senior vice president and chief data officer at Osaic, told ThinkAdvisor that the firm had started the process of adding Scribe in December after hearing from several advisors that a documentation tool could add value to their practices.
"Our decision to choose Scribe was influenced by the firm's strong reputation as a leader in this space and the fact that they are trusted by a large portion of Fortune 500 companies," he said. "Its user-friendly and straightforward interface allows it to seamlessly integrate into daily processes, eliminating the need for documentation to be treated as a separate task."
This is far from the first AI tool that Osaic has added to its roster. Earlier this year, Osaic announced the addition of an AI-powered prospecting tool, Finny. And last year, Osaic added strategic partnerships with Wealth.com, estate planning technology provider Vanilla and note-taking applications Jump and Zocks.
When it comes to data protection, Lancaster said that Scribe offers automatic personally identifiable information redaction.
"This feature provides peace of mind that confidential data is handled securely and responsibly," he said. "Before enabling access to any vendor for our advisors, we conduct a rigorous vendor risk review, including an assessment of data protection practices. Scribe met every requirement."
Osaic, a portfolio company of Reverence Capital Partners, is based in Scottsdale, Arizona, and supports more than 10,000 financial professionals, according to the firm.
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