The Future of AI in Wealth Management: Transforming the Industry
As the financial landscape continues to evolve, wealth management professionals are beginning to explore the potential of artificial intelligence (AI) tools. While many are currently experimenting with automated notetakers and portfolio investment summaries, industry leaders believe that the true promise of AI lies in its ability to help advisors manage and grow their businesses more effectively. This topic will be a focal point at the upcoming ADVISE AI conference, hosted by Financial Planning, where experts will share impactful use cases and insights into the future of AI in wealth management.
The Transformative Power of AI
Jeremi Karnell, head of data solutions at Envestnet, emphasizes that the future of AI in wealth management is set to revolutionize the industry by enhancing personalization, automation, and decision-making processes. "AI will streamline and enhance key processes such as performance reporting, portfolio management, and client interactions," Karnell explains. With AI-driven performance reporting, wealth managers will be able to generate detailed, real-time reports, quickly identify portfolio underperformance, and provide actionable strategies for improvement.
Insights from Industry Leaders
Karnell will be among several prominent speakers at the ADVISE AI conference, scheduled for October 9-10 in Las Vegas. He will be joined by other industry leaders, including Deep Srivastav from Franklin Templeton, Kristie Edling-Day from LPL Financial, and Nick Reed from Moody’s Analytics. These experts will discuss the current tools and future trends in wealth management, providing attendees with valuable insights into how AI can be leveraged to enhance their practices.
In addition to these speakers, top wealthtech providers and AI developers, such as FP Alpha, Invent, InvestCloud, Microsoft, and Salesforce, will also share their perspectives on the future of AI in wealth management. This diverse lineup promises to deliver a comprehensive view of how AI is reshaping the industry.
A Call for Innovation
Andrew Altfest, president of Altfest Personal Wealth Management and founder of FP Alpha, expresses his enthusiasm for the conference, noting that advancements in AI have prompted advisors to reevaluate their wealth management strategies. "I am hoping to learn more about new and cutting-edge technology and listen to practical use cases of how other advisors are using these tools," he says. Altfest will present on "AI and Planning: Using AI to Deliver Holistic Planning Efficiently," alongside other experts in the field.
The Importance of Modernizing Tech Stacks
A recent survey conducted by Financial Planning revealed that 40% of wealth management professionals identified modernizing their tech stack as the top priority for preparing for AI adoption. Additionally, 31% of respondents emphasized the importance of focusing on data management and governance. These findings highlight a growing recognition of the need for firms to adapt their technological infrastructure to fully harness the capabilities of AI.
Streamlining Operations with AI
Currently, many AI tools being implemented by advisors are primarily focused on back-office operations, which can save significant time and resources. Samuel Deane, president and CEO of Deane Wealth Management, notes that as AI takes on more complex tasks, it will allow financial advisors to concentrate on strategic decisions and client relationships. "AI is already transforming the wealth management industry, and I expect its influence to grow significantly," he asserts.
Deane will also be speaking at the conference, discussing "AI and Automation: Streamlining Advisor Productivity & Client Engagement using Automation & AI." He will be joined by Amanda Lott from J.P. Morgan Private Bank, Michelle Feinstein from Salesforce, and Shell Black from ShellBlack.com, who will explore how automation can enhance productivity and client engagement.
Embracing Change in Wealth Management
Michelle Feinstein highlights that wealth management firms are currently experiencing a pivotal year, as they embrace change and seek new ways to enhance collaboration, efficiency, and speed. Many firms are accelerating their AI strategies to improve team scalability and advisor productivity, indicating a shift towards a more technology-driven approach in the industry.
Conclusion: Register for ADVISE AI
As the ADVISE AI conference approaches, there is still time for professionals in the wealth management sector to register and gain insights into the transformative potential of AI. The event promises to be a valuable opportunity for advisors to learn about cutting-edge technology and practical use cases that can enhance their practices. For those interested in the future of wealth management, this conference is not to be missed.
To register for the ADVISE AI conference, visit Financial Planning’s ADVISE AI. Join industry leaders as they explore the exciting possibilities that AI holds for the future of wealth management.