Expert: Rob Tedder, Account Manager UK at Conquest Planner Facilitator: Ben Wright, Director of Progress at Change Squared
Overview:
The implementation and potential of Artificial Intelligence (AI) in wealth management.
A leading use case for AI is thought to be in efficiency gains. AI can automate processes, especially repetitive or commoditised ones, and analyse data to make advisers and operations teams more efficient regarding document summarisation, client onboarding, and generating client-facing content.
Discussion:
It was noted that although AI is a very valuable tool, it would never replace the adviser and that the value of the human relationship was still very much valued by clients and wealth management firms alike. However, the adviser’s role will likely evolve with lower-value services becoming automated, freeing the adviser to spend more time on higher-value services such as financial planning and client relationships.
AI was considered particularly valuable in providing personalised recommendations, next-best actions, and 24/7 access to guidance. Different modalities like chat and voice can also be useful for some clients.
However, sharing data with third-party AI systems raises concerns about security and privacy. In addition, regulation around AI is still emerging, so the landscape is still evolving. Consequently, there are mixed levels of adoption, with user education and securing buy-in being a challenge. Data governance policies regarding the use of third-party AI systems are therefore a must.
Indeed, leveraging AI requires a deep understanding of existing processes, but AI capabilities will continue to rapidly advance. Key milestones will be AI being adopted and used invisibly and exceeding human abilities in niche areas.
Key findings:
- AI could be a significant enabler when it comes to efficiency gains with many use cases
- AI is a very valuable tool, but it will never replace the adviser
- The role of the adviser is likely to evolve with lower-value services becoming automated, freeing up the adviser to spend more time on higher-value ones
- Sharing data with third-party AI systems raises concerns about security and privacy
- Key milestones will be AI being adopted and used invisibly and AI exceeding human abilities in niche areas
