Most professionals in wealth management are just starting to test AI tools like automated notetakers and portfolio investment summaries. But there's far greater potential for AI in helping advisors manage and grow their businesses, said leaders in tech who will soon be sharing impactful use cases at Financial Planning's
"The future of AI in wealth management is poised to transform the industry by driving deeper personalization, automation and enhanced decision-making," said Jeremi Karnell, head of data solutions at Envestnet. "Soon, AI will streamline and enhance key processes such as performance reporting, portfolio management and client interactions. AI-driven performance reporting will enable wealth managers to generate detailed, real-time reports, quickly identify portfolio underperformance and offer actionable strategies for improvement."
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Karnell will be speaking on "AI in Action: Current Tools and Future Trends in Wealth Management," during the
Some of the top wealthtech providers and AI developers will also be offering insights on the future of AI including executives at FP Alpha, Invent, InvestCloud, Microsoft and Salesforce.
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"As an advisor and AI wealthtech founder, I have been looking forward to an event dedicated to AI in wealth management. The advancements in AI have caused advisors to re-evaluate their wealth stack and look at emerging solutions and use cases," said Andrew Altfest, president of Altfest Personal Wealth Management and Founder of FP Alpha, a top wealthtech provider. "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."
Altfest will be speaking on "AI and Planning: Using AI to Deliver Holistic Planning Efficiently," alongside Jordan Hutchison, vice president of technology and operations RFG Advisory, and Vimal Vel, chief product officer at Morningstar Enterprise.
Financial Planning recently surveyed 270 professionals in the wealth management space and found 40% said modernizing their tech stack was the No. 1 action their firm was taking to encourage employees to prepare for AI adoption. The second most important action was "focusing on data management and data governance" at 31% of respondents.
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Most of the AI tools being implemented by advisors to date are primarily to help with back-office operations that can save hours of time and tend to be the most impactful, advisors said.
"As we see more automation, like AI handling more complex tasks, this will free up financial advisors and wealth management firms to focus on more strategic decisions and client relationships, while potentially reducing costs," said Samuel Deane, president and CEO of Deane Wealth Management. "From personalized financial advice to managing client relationships and even automated reporting and compliance, AI is already transforming the wealth management industry, and I expect its influence to grow significantly."
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Deane will be speaking on, "AI and Automation: Streamlining Advisor Productivity & Client Engagement using Automation & AI." He will be joined by Amanda Lott, managing director and head of wealth planning and innovation at J.P. Morgan Private Bank; Michelle Feinstein, general manager and vice president of global financial services at Salesforce; and Shell Black, president of ShellBlack.com, a Salesforce consulting firm.
"Wealth management firms are in a PIVOT year," Feinstein said in an emailed response. "Firms are embracing change, new ways of designing experiences, targeting fast value, enhanced collaboration, efficiency and speed. Many firms are accelerating AI strategies to extend scale of teams and advisor productivity."
The conference is just a few weeks away but there is still time to
