Artificial Intelligence (AI) Top Reads

AI is accelerating at full throttle, and advisory firms need to ensure they are working to keep pace, updating product and service offerings in ways that are complementary to these changes. Having a plan for tech within your company will help to keep clients happy and ensure you remain relevant in the industry. The below articles are a good resource to help you determine whether you’re falling behind other firms, and to help you forge ahead with AI.

How Wealth Managers Are Using Technology To Understand Their Clients Better

Temenos and Forbes conducted a survey of more than 300 wealth executives and upwards of 100 high-net-worth individuals, to determine their respective views when it comes to tech. Their findings are summarized in a report, The Next-Generation Wealth Manager.

Highlights from the survey:

  • 45% of wealth managers indicated that financial guidance from data analysis (including insights from AI) will help them to fine-tune the advice they offer their clients

  • 36% said that AI will allow wealth managers to view their investments with more clarity

For more on the ways tech is shaping the financial industry, and how integrating tech can improve relationships with prospective clients, read the full Forbes article here.

Why Advisors 'Must Love Technology More Than They Fear Change'

If your company is not actively embracing technology to enhance your client relations, you’re at risk of losing them to competitors, says founding partner of TriCorps Technologies, Scott Klososky. Koslosky’s firm works with wealth managers to anticipate and integrate new tech trends, keeping them competitive.

Technology will continue to advance and become more sophisticated. The question for firm owners is when they will jump in, he says. “Are you going to wait until six other firms use the new technology? If you do, you will be at a competitive disadvantage, because reaction time is critical.”

In this article, Charles Paikert breaks down the 5 ways advisors can ensure they stay ahead of digital transformation. Find out whether your firm is keeping up with these tips.

Financial Services Sector Forges Ahead With Artificial Intelligence

At the 2019 Securities Industry and Financial Markets Association (SIFMA) Operations Conference & Exhibition, 153 attendees were surveyed by Broadridge to determine their main areas of concern when it comes to the use of AI within the industry.

“The sector's top priority for AI applications is data mining, cited by 36% of the respondents. That was followed by post-trade processing (20%), market analytics (13%), and trading systems (12%).”

For more data on how far into the AI journey advisors are, the challenges they are facing, the cost of AI implementation, and how AI affects company growth, read the full article here.

Raghav Sharma