Financial advisors already finding answers with AI as they look to the future
Generative AI will never be able to replace the intimate human relationships advisors have with clients. But it will make advisors’ lives a whole lot easier.
In fact, it already has.
Artificial intelligence may seem like a brand-new technology as a result of the recent hype, but Scott Reddel, capital markets and wealth management managing director at Accenture, says incorporating AI into wealth management is hardly a new idea. He points to an Accenture report released four years ago that showed more than 90% of advisors wanted to adopt AI capabilities into their practices because they thought it could grow their business by 20% or more.
And those capabilities have certainly improved over the past four years.
“What’s been really powerful about Gen AI is not just the automation of mechanical tasks, but its ability to embed a degree of intelligence and judgment that advisors typically have had to do themselves,” Reddel said.
Some of those tasks now include preparing presentations for clients and querying service requests about different types of activities, as well as answering numerous ad hoc questions coming into the firm.
“As it becomes clearer as to how this technology will be regulated, we plan to incorporate AI in our day-to-day work to accomplish easy tasks so that we can remained focused on what we are best at, which is working one-on-one with our clients,” said Brian Hartmann, partner at Granite Bridge Wealth Management, part of Osaic.
Still, Hartmann advises wealth managers to proceed carefully when it comes to adopting AI into their firms’ daily practices so as not to rock the boat. Overall, however, he said, “We see AI as a friend and not a foe.”
Industry acquirer Bluespring Wealth Partners recently launched
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