If there were an AI tool built for financial advisors that could give back two hours of work time, would you try it?
“What usually could take 45 minutes, I’m able to accomplish it in 10 minutes or five minutes [with AI], and it sounds better than what I wrote up after 45 minutes anyway,” said Erik Allison, associate vice president and wealth advisor at Farther, a tech-centric wealth management firm. The “huge takeaway is, take command of your time back and utilize the value that you bring to your clients, instead of doing things that you don’t bring value, that don’t add value to your clients lives. Use technology for that.”
Allison, along with many leaders in wealth management and tech, will be sharing their experiences using AI tools that allow them to spend more time with clients, for example, during Financial Planning’s ADVISE AI conference Oct. 9-10 in Las Vegas.
He will be speaking on a panel titled “The AI tools that work.” Joining Allison will be Rianka Dorsainvil, founder and senior wealth advisor at YGC Wealth, and Shane Cummings, director of technology/cybersecurity in the Denver office of Halbert Hargrove Global Advisors.
“My hope is that the advisors understand that the technology is their friend, not only from a wealth transfer perspective of money going from baby boomers to Gen X to the millennials, but from the young advisors as well,” Dorsainvil said. “So if you want to stay in business 15, 20, 30 years from now, you have to be willing to embrace technology because the young advisors want to, and have, embraced technology.”
A new 2024 Investor Survey by Janus Henderson Investors, which polled 1,000 mass affluent and high-net-worth investors in the U.S., found most respondents felt comfortable with hiring a financial advisor in the next two years who used AI in certain capacities. Specifically, 85% said they’d feel good or neutral about their advisor using AI to create educational content or for administrative tasks at 83%.
READ MORE: How financial advisors are using AI — and what their clients think about it
A majority of the panels during ADVISE AI will focus on the practical AI use cases that can help advisors grow their business, whether it be through tools that help them save time by summarizing complex documents, managing portfolios or amplifying their marketing capabilities.
“Financial advisors should expect to gain tremendous efficiencies and time savings from AI in general by streamlining those mundane tasks that happen alongside actual decision making,” said Brooke Juniper, CEO of TIFIN’s Sage.
READ MORE: 5 things to expect at Financial Planning’s ADVISE AI
Juniper is speaking at ADVISE AI on how advisors can unlock client insights through AI tools. She will be joined by leading AI developers in wealth management: Alai Studios founder and CEO Andrew Smith Lewis, Atlas Point founder and CEO Carrie Nelson and Forrester’s senior analyst, Vijay Raghavan.
“I think the real unlock will be from capabilities that can not only save time but can actually improve the client experience — by delivering more personalized advice and consistent outcomes for clients,” Juniper said. “I’m excited for ADVISE AI which will showcase capabilities that Advisors can implement in their practices today to take advantage of this revolution.”
Attendees will also hear from leading tech providers including from FP Alpha, Invent, InvestCloud, Microsoft and Salesforce.
“AI is changing the way firms are enabling advisors, engaging customers, delivering service, scaling teams,” said Michelle Feinstein, general manager and vice president of global financial services at Salesforce.
Feinstein will speak at the conference about how advisors can streamline productivity and client engagement using AI and automation. That panel titled “AI and automation” includes Amanda Lott, managing director and head of wealth planning and innovation at J.P. Morgan Private Bank; Samuel Deane, president and CEO of Deane Wealth Management; and Shell Black, president of ShellBlack.com.
“It is all about optimizing profitability and accelerating growth. Every firm has a goal to double or triple growth in the next five to 10 years,” Feinstein said. “Firms are embracing change, new ways of designing experiences, targeting fast value, enhanced collaboration, efficiency and speed.”
There’s still time to register for ADVISE AI. And check out the ADVISE AI site for discounts on flights and room rates for the event, which will be held at the Encore at Wynn Las Vegas.
