There's a lot of hype around new AI tools entering the market, but that does not mean every tool is practical for advisors.
"It's important to avoid the shiny object syndrome and look at what you're trying to solve for versus picking up software," said Randy Carver, president and CEO of Carver Financial Services and registered principal at Raymond James Financial. "Tech will not grow a business, but it'll accelerate it."
Carver has spent years dabbling with new technology since the 1980s, when he developed his version of a CRM system. And now he's on to AI tools.
He has an evolving tech toolbox he often shares at wealth management conferences, listing exactly which tools have been the most useful for his firm lately. The focus in building that list is on new tech that speeds up workflow functions so advisors can spend more time with their clients, rather than more time on the tech.
"The more people become tech-focused, the more there's an opportunity for financial services to differentiate themselves with that human connection," he said, noting that the firm's growth to $2.7 billion in managed assets has been mostly through organic referrals. For example, "We don't have a voicemail. Someone physically in our office answers the phone. I want a personal connection."
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However, Carver also cautions that in testing any new tool in the workplace, it needs to meet compliance protocols first, which can take months if it's consumer-facing.
"When you look at transcription, for example, that's going out to their servers. Your information is flying around. They have to put in security," he said. "It's not as straightforward as it may seem."
We asked Carver for a peek at his tech stack. Here are a handful of tools that Carver uses and why he picked each tool:
