Expert: Elemi Atigolo, Managing Partner at Consult Venture Partners / Phil Carden, Product Director at SS&C Facilitator: Paul Miles, Founder at Silverback Consulting
Overview:
AI and hybrid model implementation to enhance client services and experiences is both common sense and complex. One key element to consider is advisers’ attitudes to change. Indeed, advisers often seem excited about the use of AI for productivity gains, better file notes, communications and the like and some firms are piloting basic tools like Copilot, Otter and Avanti for meeting capture, email organisation and document creation. However, others are hesitant, citing data privacy and security amongst their concerns.
And despite interest, it was acknowledged that very few wealth management firms offer a fully hybrid service proposition. This is due to the cost and complexity of blending digital and human interactions, and offering choice is important; some client segments better suit hybrid models, but personalisation, efficiency, accessibility and human oversight remain vital.
To boost the use of AI, it was thought that wealth management firms need to properly evaluate AI capabilities in hybrid servicing as well as other areas where it can boost the overall offering; client personas, data quality, and staff skills are all potential value-add. But which are most valuable and achievable? Participants thought that key next steps include planning incremental changes focused on productivity and client experience gains.
Key findings:
- AI and hybrid model implementation to enhance client services and experiences is both common sense and complex
- The attitude of advisers towards this change varies – some are concerned over data privacy and security while others are enthusiastic
- Despite interest, it was acknowledged that very few wealth management firms are offering a fully-hybrid service proposition
- To boost the use of AI, wealth management firms need to properly evaluate AI capabilities in hybrid servicing as well as other areas where it can boost the overall offering
- Key next steps include planning incremental changes focused on productivity and client experience gains
