Do you know the quality and power of the data you have at your firm when applied through AI? Learn all about data best practices — regarding security, governance, quality and more — at Financial Planning's upcoming ADVISE AI conference.
When it comes to using innovative AI tools, the output is only as good as the data the tools are trained on.
As simple as that sounds, it's problematic in the wealth management space, where manual loading of complex documents has been standard, and contracts from different platforms or institutions may arrive as blurry PDFs. However, in the past few years, AI tools have given firms the ability to read and analyze those documents at a rapid pace and scale.
Such tools have been groundbreaking for advisors. But getting all of these documents and data ready is the first step to really understand the useful power of AI.
"There is a nearly infinite amount of data available to advisors. How do you digest all of that data and make it usable?" said Daniel Bernstein, chief regulatory counsel at MarketCounsel, a consultant for advisors. "You can research and review all of that data yourself after completing your daily responsibilities, you can hire more people, or you can use AI. What seems most cost-effective?"
Bernstein will be speaking on the tricky topic of data, AI and compliance at
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Data will be a core part of discussions during the conference, as it is essentially the food source for AI to produce the right outcomes; the data also needs to be "clean" or readable for AI to analyze.
"You can't have an AI conversation without having a data conversation. AI is the sprinkles on top of a cake that a baker spent hours working on," said Devon Drew,
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Drew will be
Attendees will also be able to see the power of their data when applied through AI with presented case studies, including from InvestCloud's Sterling Perkins, vice president and head of sales engineering for North America. And the winners of Financial Planning's
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The rise in both AI innovation and adoption comes at a time when 65% of asset managers recently surveyed by global advisory services firm KPMG said they were either in a conceptual phase or development stage of integrating AI, according to
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"As someone who has witnessed the evolution of the financial services industry over the past 35 years, I can confidently say that the integration of AI into wealth management and financial services is not just a trend, but a transformative shift," said Marie Swift, president and CEO of Impact Communications.
Swift will be moderating the panel on AI and compliance — "What's Allowed, What's Not, and What's Next?" — along with Bernstein as a panelist. The panel also includes Saifr's founder and CEO Vall Herard, as well as Sid Yenamandra, founder and CEO of Surge Ventures, a compliance-focused venture fund.
"The importance of beginning these discussions now cannot be overstated. AI has the potential to revolutionize how we manage wealth, from enhancing client experiences with personalized advice to improving operational efficiencies and ensuring compliance with ever-evolving regulations," Swift said.
Attendees who
