Financial advisory practices rely on consistent processes for smooth operations and regulatory compliance. Yet documenting these processes as Standard Operating Procedures (SOPs) often gets pushed aside. Video recordings provide a quick way to capture processes, but transforming these recordings into formal SOPs has traditionally required significant effort. ChatGPT now offers a solution that simplifies this conversion process.
Here’s a guide to creating SOPs using this approach:
Recording your process effectively
Create a video recording that thoroughly captures your process. Choose a screen recording tool like Loom, Microsoft Teams or Zoom. When recording:
- Narrate each action deliberately.
- Highlight decision points for various circumstances.
- Point out common mistakes and how to avoid them.
- Describe shortcuts to work more efficiently.
- Explain how the process connects to broader workflows.
Converting speech to text
You’ll need a transcript of your narration:
- Most recording platforms now generate transcripts.
- Review the transcript for accuracy, especially with financial terminology and product names.
- Don’t worry about small errors, as modern AI usually interprets imperfect transcripts.
Writing an effective ChatGPT prompt
The instructions you give ChatGPT influence the quality of your SOP. A well-crafted prompt might look like this:
”I have recorded a video showing [specific process, eg ‘how we conduct client annual reviews’]. Transform the transcript below into a comprehensive SOP document with these sections: Purpose and Scope, Required Systems and Access, Detailed Procedure Steps, Compliance Considerations, Troubleshooting and Quality Assurance Checkpoints. Format it for readability with numbered steps and clear headings.”
Generating the initial draft
Creating your SOP is straight-forward:
- Enter your prompt followed by the transcript into ChatGPT.
- Review the generated document carefully.
- Ask for specific improvements where needed.
ChatGPT will organise information logically, eliminate unnecessary details and create a structured document that flows well.
Enhancing the generated SOP
While ChatGPT provides an excellent starting point, human expertise improves the final product:
- Incorporate your firm’s specific terminology and branding.
- Add references to relevant compliance requirements.
- Include links to the original video recording for visual learners.
- Add screenshots at crucial steps for clarity.
- Ensure all steps align with best practices.
Using SOPs regularly deliver value. Consider these strategies:
- Store all SOPs in a searchable knowledge base or your practice management system.
- Use consistent tagging to make finding procedures simple.
- Schedule regular reviews.
- Create awareness by introducing new SOPs in team meetings.
Financial advisory-specific applications
- Client lifecycle processes from onboarding to review cycles.
- Investment operations such as portfolio construction.
- Back-office procedures.
- Compliance processes.
- Workflows across your various platforms.
Benefits beyond efficiency
- Ensuring consistency in client service.
- Reducing operational risks.
- Simplifying training.
- Helping to identify process inefficiencies.
- Avoiding key person dependencies.
By combining video recording with ChatGPT’s processing capabilities, financial advisory practices can build comprehensive procedure libraries that enhance service quality, boost operational efficiency and strengthen compliance frameworks.
