AI Poised to Transform Wealth Management Industry at Upcoming ADVISE AI Conference
Las Vegas, Nevada – The wealth management industry is on the cusp of a transformative shift driven by artificial intelligence (AI), as professionals in the sector begin to harness the potential of AI tools to enhance efficiency, personalised services, and strategic decision-making. This pivotal theme will be the focus of Financial Planning's ADVISE AI conference, scheduled for October 9-10.
The conference will gather industry leaders and tech innovators to share impactful use cases and insights on how AI can revolutionise wealth management. Among the key speakers is Jeremi Karnell, head of data solutions at Envestnet, who emphasised the far-reaching potential of AI in driving deeper personalisation, automation, and improved decision-making processes. Karnell highlighted that AI could soon streamline performance reporting, portfolio management, and client interactions, offering wealth managers the ability to generate detailed, real-time reports and identify portfolio underperformance with actionable improvement strategies.
Joining Karnell in the discussion on "AI in Action: Current Tools and Future Trends in Wealth Management" will be Deep Srivastav, head of AI and digital transformation at Franklin Templeton; Kristie Edling-Day, executive vice president and chief information officer at LPL Financial; and Nick Reed, chief product officer at Moody's Analytics. Key insights will also be provided by executives from top wealthtech providers and AI developers, including FP Alpha, Invent, InvestCloud, Microsoft, and Salesforce.
Andrew Altfest, president of Altfest Personal Wealth Management and founder of FP Alpha, expressed anticipation for the event, which he described as a unique opportunity to delve into advanced AI solutions and practical use cases from peers in the industry. Altfest will be leading a session titled "AI and Planning: Using AI to Deliver Holistic Planning Efficiently," alongside Jordan Hutchison, vice president of technology and operations at RFG Advisory, and Vimal Vel, chief product officer at Morningstar Enterprise.
The move towards AI in wealth management is underscored by a recent survey conducted by Financial Planning. The survey, which included responses from 270 professionals in the field, revealed that 40% cited modernising their tech stack as the leading initiative to prepare for AI adoption. Additionally, 31% of respondents prioritised data management and data governance.
Many of the AI tools currently being deployed by advisors focus on enhancing back-office operations, significantly reducing time spent on administrative tasks, thus unlocking more time for strategic decision-making and client engagement. Samuel Deane, president and CEO of Deane Wealth Management, underscored the role of AI in transforming the wealth management landscape by automating complex tasks, which, in turn, allows financial advisors to enhance client relationships and reduce operational costs.
Deane will address these themes in his session "AI and Automation: Streamlining Advisor Productivity & Client Engagement using Automation & AI," accompanied by Amanda Lott, managing director and head of wealth planning and innovation at J.P. Morgan Private Bank; Michelle Feinstein, general manager and vice president of global financial services at Salesforce; and Shell Black, president of ShellBlack.com, a Salesforce consulting firm. Feinstein remarked on the industry's current "PIVOT year," noting that firms are increasingly embracing innovative approaches to experience design, collaboration, and efficiency, driven by accelerated AI strategies aimed at extending team capacities and enhancing advisor productivity.
The ADVISE AI conference promises to be a critical event for wealth management professionals seeking to understand and leverage the transformative potential of AI in their practices.
Source: Noah Wire Services