An advisor doesn't necessarily need to be a preacher of artificial intelligence, but they do need to begin experimenting with AI tools now if they want to keep growing in the next decade.
"Staying ahead of the game with innovative technology, especially AI, is essential for the wealth management industry because investor expectations are evolving rapidly," said
That's the common sentiment shared across the wealth advisor industry and from the most forward-thinking innovators who are using AI to automate key aspects of an advisor's everyday workflow functions — from personalizing client emails, customizing portfolios and developing marketing strategies, to tracking investor behaviors for identifying client growth.
READ MORE:
"By embracing innovative technology, advisors can enhance client relationships, increase efficiency and ultimately drive better outcomes for their business," said Angel Gonzalez, chief marketing officer at
Nearly 40% of advisors said AI was built into at least one of the tools their organization has adopted, according to a Financial Planning survey performed earlier this year. About 62% said AI helps them automate workflows and another 61% said it increased efficiency.
The winners of Financial Planning's new Innovation Awards in wealth management were selected based on their AI innovations in marketing, client engagement and customized portfolio management. They will be recognized at Financial Planning's first conference solely dedicated to AI tools for advisors,
Read about all the other winners below, and
