Live updates at wealth management's first AI conference

Charles Morris, chief data scientist for Microsoft, delivers the keynote speech at ADVISE AI in Las Vegas, Oct. 9.

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This week, members of Financial Planning's editorial staff are on site at ADVISE AI — the first conference devoted entirely to AI in wealth management — in Las Vegas.

Check this story regularly for updates as we bring the conference to you live, from keynote speakers to panel discussions on data, marketing, client communications, investing strategies, client prospecting and more.

If you can't be here in Vegas with us, our coverage will help you wrap your mind around AI in the industry and how it can scale your business and help you meet client needs.

Throughout the day, we'll post the latest updates at the top of the cardshow below.

Adopting generative AI tools in wealth managament

1:15 p.m., Oct. 9

Rachel Witkowski and Michael Moeser discuss AI in wealth management at ADVISE AI.

Financial Planning's Rachel Witkowski took the stage on the first day of ADVISE AI to discuss "Wealth's State of Readiness for AI Adoption in New Client Acquisition" with Michael Moeser, senior industry analyst for Arizent's Research division.

A Financial Planning survey of 270 wealth management professionals indicated that few felt well-prepared to take advantage of available AI tools to improve their practices. Modernizing their firms' tech stack was top of mind for the most respondents (40%), along with data and data governance (31%).

Witkowski and Moeser's discussion also covered advisors' concerns and the potential risks of AI tools, from compliance to data security to the pure unknowns regarding the technology.

"I understand the hesitancy, especially in the financial services space, to adopt AI tools," Witkowski said. "These are the things to keep in the back of your mind."

FP editor joins Gregory FCA for live podcasting

11:45 a.m., Oct. 9

Greg Matusky of Gregory FCA and Brian Wallheimer, editor-in-chief of Financial Planning, discuss ADVISE AI and tech innovation in financial services for Gregory FCA's podcast.

Financial Planning Editor-in-Chief Brian Wallheimer stopped by the Gregory FCA booth at ADVISE AI Wednesday morning to chat with the firm's founder Greg Matusky.

Gregory FCA is one of dozens of firms set up in the ADVISE AI exhibit hall.

AI is coming faster than we think, Microsoft chief data scientist says to open ADVISE AI

11:50 a.m., Oct. 9

AI is moving fast, and it's time for advisors to get on board.

That's the message this morning from Charles Morris, chief data scientist at Microsoft, who gave the opening keynote talk at ADVISE AI, Financial Planning's AI conference this week in Las Vegas.

"I've never seen financial services companies adopt a technology so quickly. The things that we have access to in the next couple of years are going to be incredible," Morris said. "It's not about if AI is going to be involved. It's about how we prioritize what we bring AI to."

The key, Morris said, is adopting quickly, but strategically.

"People are going to throw some really bad features out there and see if they stick. But the overall trend is that people are going to find the useful things," Morris said.

READ MORE:

AI will create things 'we can't even imagine,' Microsoft data scientist says

ADVISE AI kicks off in Las Vegas

8:50 a.m., Oct. 9

Editor in Chief Brian Wallheimer kicks off the first ADVISE AI in Las Vegas on Oct. 9.

The first-ever U.S. wealth management conference focusing solely on artificial intelligence kicked off Wednesday at the Encore in Las Vegas, with Financial Planning's Editor in Chief Brian Wallheimer opening the event.

"This is really the first deep dive into AI and wealth management, in terms of a conference," Wallheimer said. "We're working really hard to make sense of AI, how it's affecting the industry, how it's affecting advisors and their businesses."

"We have now a couple of inflection points in wealth management," he said. "We have to separate the wheat from the chaff. Everybody wants to create an AI tool and AI solutions, and some of them will be amazing. Some of them will not. … Those of you in the business side have to make decisions about what works for your business and how it's going to help you scale, how it's going to help you attract clients, market and all those sorts of things. … The key, of course, is doing it right, protecting data, staying compliant, investing in the right tools to integrate with our workflows and move the needle for wealth management. That's why we're here today."

Before handing the lectern off to keynote speaker Charles Morris of Microsoft for a big-picture look at AI in wealth management, Wallheimer thanked the conference's Advisory Council, industry consultant Suzanne Siracuse and the Arizent event, marketing, sales and other teams for their efforts in making ADVISE AI a reality. He also thanked the advisors and other wealth management professionals in the audience.

"Thank you all for being here, because what you're doing is you're exploring, you're learning, and you're putting in the efforts to get it right."