Best AI for AdvisorsWhat is speech-to-text?
Also called: transcription, automatic speech recognition.
Short answer
Technology that turns spoken words into written text. It's the first step in every AI notetaker.
Definition
Speech-to-text, or automatic transcription, converts audio into words on a page. AI notetakers use it to turn a client meeting into a transcript, and then a language model summarizes that transcript.
Accuracy depends on audio quality, accents, crosstalk and vocabulary. Financial terms, names and numbers are where errors tend to show up.
Why it matters for advisors
A transcript is only as good as the audio. If "$40,000" becomes "$14,000" in the transcript, the summary inherits the mistake. That's why advisors review summaries before saving them.
Recording a meeting to transcribe it also triggers consent questions under federal and state recording laws, and the transcript itself may be a record your firm has to keep.
Example
A firm notices its notetaker misspells clients' names. It adds a step where the advisor corrects names and figures in the summary before it syncs to the CRM.
Watch out for
Recording first and asking later isn't consent. Ask everyone before the transcription starts.
Related tools
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- FathomAI notetaker that records, transcribes and summarizes Zoom, Google Meet and Teams calls.
- JumpAI assistant for financial advisors that turns meetings, emails and documents into notes and workflows.
- Otter.aiAI meeting agent with real-time transcription, summaries and action items.
- ZocksAI assistant for financial advisors covering meeting prep, notes, onboarding and planning data.
Related terms
- AI notetakerAn AI tool that joins, records, transcribes or summarizes client meetings and calls, often syncing notes and tasks to your CRM.
- AI meeting summaryA written recap an AI tool produces from a meeting transcript: key points, decisions and action items.
- One-party and all-party consentRecording-law terms: one-party means one participant can consent; all-party means everyone in the conversation must consent.
- Books and records ruleRule 204-2 under the Advisers Act, which lists the records SEC-registered advisers must keep, including certain communications.
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Last updated .