More advisors are turning to artificial intelligence and machine learning to enhance client relationships, boost productivity and stay competitive in the rapidly expanding digital economy.2021 PricewaterhouseCoopers report
AI is still relatively new in the wealth management business, but its use is expanding quickly, says Robert Madej, founder and chief executive officer of PureFacts Financial Solutions Inc. The Toronto-based company helps asset and wealth management companies use AI in areas such as fee and revenue management, client retention, and portfolio optimization.Why are more advisors using AI?
AI also tracks the different actions an advisor takes and the outcomes and predicts which ones will work better than others. This helps them retain clients for longer.The computer never gets tired. It can analyze more and more data continually. That said, I believe advisors who don’t embrace AI as a tool, longer term, are putting themselves at risk of going out of business. More advisors using AI will reach a point at which they’ll be making better decisions,be more responsive, and serve more clients.
It should be capable of replacing at least 50%, perhaps as high as 90%.
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