. Get exclusive investment industry news and insights, the week’s top headlines, and what you and your clients need to know.
These firms believe AI will transform their industry. In fact, the revolution is well underway. Two-thirds of the wealth management professionals who participated in thesaid AI is already changing the way they work significantly. Efficient data management platforms will be a foundational requirement for all financial services firms to truly unlock AI’s power. These platforms will tap into client journey data from customer relationship management, financial planning tools, client transaction histories, customer engagement engines and other internal systems for use in AI applications.Next, wealth management firms should be mapping out strategies to personalize their offerings with AI.
Advisors can use these insights to trigger outreach, inform conversations, and customize product recommendations and advice. Advisors can also use AI-enabled platforms to deliver personalized content automatically and at scale across an entire client roster.Wealth managers should be exploring additional ways to exploit the growing power of AI such as deploying automated digital tools that can help attract younger investors.
As firms experiment with new AI applications, they should also be thinking about a governance process or set of principles to guide their use of the new technology. AI platforms alone can’t make investment recommendations to clients, and firms will need to establish how to marry the expertise of their staff of professionals with AI-generated content before presenting recommendations to clients.