Commonwealth Financial Network’s 2,900 independent advisors now have access to the AI notetaking technology Zocks, if they want it.
The independent broker/dealer has standardized the Zocks Enterprise version of the platform and Commonwealth will offer its advisors a discounted rate for the license, according to Christopher Blotto, Commonwealth’s chief digital and information officer.
Zocks is now available for all advisors and their staff, but advisors must “opt into the service” to get access, Blotto said.
While advisors will pay for Zocks themselves, Commonwealth will manage the software, security, compliance and support, he wrote in an email.
While the pricing and discount were not disclosed, Zocks has three products: Starter, Professional and Enterprise. It typically charges based on the number of meetings in which its technology is used: Starter and Professional cost $800 and $1,300 annually, and support 50 and 100 meetings per month, respectively (with $0.99 per meeting beyond 50 or 100). Its Enterprise product has customized pricing and additional features and services for bigger, more complex organizations, such as Commonwealth.
When asked what ramifications LPL’s pending acquisition of Commonwealth might have on the Zocks deal, Blotto said that the two firms would jointly assess their AI offerings after the deal officially closes, “however, there is a shared commitment to providing leading-edge technologies that help independent advisors run their practices,” he wrote.
The deal is expected to close in the second half of this year.
Zocks, which launched a little over a year ago, announced in March it raised $13.8 million in a Series A round led by Motive Ventures (it raised a $5.5 million seed round early on).
A week ago, the advisor technology platform provider AdlvisorEngine announced it had integrated with Zocks and two competitors, Jump and Zeplyn. Zocks (as well as several competitors) performed well during recent testing by the advisor technology consultancy Oasis Group as well.