Where Does AI Fit in Your Firm’s Future?

 John O’ConnellAdvisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives.

There has been a large amount of discussion about artificial intelligence (AI) in the wealth management space. Many companies have nascent AI initiatives without any clear business goals. This article provides a brief guide to the AI technologies available (it’s not just ChatGPT), their applications in wealth management, and how your firm can define specific business outcomes to achieve. Your firm can leverage those requirements to define your project roadmap and transform your AI experience from ideas to successful projects.

The applications of AI are in every market sector and will change the landscape of wealth management. This is not only the belief of this author. Accenture surveyed 500 financial advisors in the U.S. in 2022 and found that:

  • 99% believed AI plays a role in the future of financial advice.
  • 83% believed AI will have a direct, measurable, and consistent impact on the client-advisor relationship in the next 18 months.
  • 87% wanted to use more AI tools day-to-day and were willing to spend time to learn an AI-based process and tool if there is a clear benefit.