With artificial intelligence quickly transforming the ways in which financial advisors and wealth management firms do business, Financial Planning is recognizing outstanding work in the field.
Our inaugural Innovation Awards honor tech firms that are developing cutting-edge technology for use in marketing, client onboarding, investment strategy, lead generation and specialized planning. Wealth management firms are recognized for their efforts in automation, marketing, client engagement and professional development.
Special Innovator of the Year awards will be bestowed on two of these firms at
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Add the need to have clients take personality tests to the list of burdensome tasks artificial intelligence promises to help eliminate.
At least that will be the case if the Atlanta-based tech firm DNA Behavior makes good on the promise of its AI Digital Scan system. Ryan Scott, head of product for DNA Behavior, said AI Digital Scan's process begins by ingesting the large amounts of demographic data most advisors already have on their clients.
It then searches the internet for information clients have voluntarily shared about themselves. That can range from social media posts on sites like LinkedIn to statements company executives might have given in interviews.
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All that is run through AI and machine-learning processes for signs of clients' likely psychological traits. Scott said DNA Behavior maintains a library of 2.5 million psychological profiles that any results from new data gathering can be compared against.
By doing that, Scott said, AI Digital Scan can predict 4,000 traits a person is likely to have with a 92% confidence level.
"So it looks deeply at savings and spending patterns and tries to determine if someone is a saver or spender," Scott said. "It can also look at certain trends and behavioral biases. Those might be the inherent biases that an individual might have when approaching a decision."
DNA Behavior estimates AI Digital Scan will save advisors two hours of time per client per year. Perhaps most importantly, Scott said, it can help an advisor decide if a potential client is a good match in the first place. Misaligned personality results could mean it would be best to hand a new prospect off to a colleague.
"Advisors want to work with clients who are very similar to them," Scott said. "So one of the use cases is to avoid bad client matches."
