Advisor360° aims to enhance its configurable platform by incorporating Parrot AI’s note-taking capabilities. Credit: Poca Wander Stock/Shutterstock.

US-based wealth technology company Advisor360° has purchased generative AI technology provider Parrot AI for an undisclosed sum.

This move enables Advisor360° to offer advanced tools for recording, transcribing, and summarising meetings, allowing advisors to create shareable notes and files that integrate with major meeting and conferencing platforms.

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The acquisition includes BostonParrot AI’s premium software, which Advisor360° plans to offer as a configurable feature on its platform and as a stand-alone product tailored for advisors.

Furthermore, the transaction brings Parrot AI’s core technology, intellectual property, and a team of 12 full-time employees to Advisor360°, including CEO and co-founder Paul Morville.

Advisor360° CEO Mike Fanning said: “We’re thrilled to welcome Paul and the Parrot AI team to Advisor360°.

“Advisors devote countless hours and resources to client meetings and want customised solutions that streamline manual tasks. This team is at the forefront of what’s possible with gen AI, and they’ve created software that will meaningfully improve advisors’ ability to serve clients.”

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Advisor360° aims to enhance its configurable platform by incorporating Parrot AI’s note-taking capabilities. This integration will eliminate the need for post-meeting task creation and coordination.

The secure meeting transcription feature will automatically generate actions within Advisor360°’s CRM, which, upon advisor approval, will initiate automated workflows across core applications, such as account opening, trading, and planning tools.

Morville will now serve as product architect.

He said: “We’re excited to be part of the Advisor360° team as they introduce generative AI functionality tailored for advisors.

“Advisor360° is already at the forefront of innovation in the industry, and we look forward to utilising our expertise to expand their suite of AI-driven offerings.”

Last year, Advisor360° introduced Account Transitions, a new Digital Onboarding feature that enables firms to quickly repaper thousands of client accounts in seconds, supporting advisors during transitions.