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Artificial intelligence in wealth management is also for advisors


When robo-advisors first became viable for financial services, there was a lot of talk about artificial intelligence. Many claimed it would become the norm in even traditional wealth management firms, particularly regarding the mass affluent market.

A strategy document from Deloitte as far back as 2014 makes the point that digital advice is “poised to evolve into much more disruptive and wide-ranging forms of advice.” Since then there has been much talk about the role AI is or will continue to play in wealth management or private banking.

A disproportionate amount of the discourse revolves around the idea of roboadvice replacing financial advisors, which is of course never going to happen in such a human-centric industry. While robo-advisors are undoubtedly valuable, human support is essential during times of market volatility, with 54% of investors between 18–25 reluctant to trust robo-advisors for risk management.

The continued role of human advisors is well documented. However, less time has been devoted to how exactly it is changing the industry and what opportunities are out there. This becomes even more stark when we consider the role AI can play in aiding the advisor as opposed to the client.

AI for wealth managers and advisors

There’s a common misconception that artificial intelligence in wealth management is being driven by client preferences, with the advisors themselves reluctant to embrace it.

Clients do increasingly want AI as a part of their portfolio management toolkit – but the same is also true for advisors. In fact, an Accenture study found that 87% of financial advisors want to use more AI-powered tools in their everyday processes. They are even happy to spend time doing so, assuming there is a clear benefit to the tool.

When it comes to wealth management contexts, there are two key ways that artificial intelligence can aid advisors, with wide-ranging benefits.

Capturing data

The first support feature is to train bots for specific data-capture scenarios, such as basic preliminary questions before client meeting with an advisor or even triggering the workflow to set up the meeting. Any recurring situation that requires the advisor to spend time gathering information can be automated in some way..

Generating supplementary advice

The second benefit is to use Generative AI to create suggested responses during texting conversations via a Secure Messenger app. The suggested advice is taken from pre-approved knowledge banks, such as the organization’s own LLM to ensure accuracy.

The benefits of Generative AI for financial advisors

The chief benefit of AI-powered chatbots comes from an increase in efficiency and productivity for the advisor, which has substantial knock-on effects. With less time spent on menial tasks, advisors have more time to dedicate to what really matters. We can break these benefits into three parts.

Maximizing core activities

Reducing the time spent on administrative tasks means there is more time for core activities, such as research, communication, or more. In fact, Conversational AI – meaning enhanced client facing texting and messaging services – can increase front office productivity by 25% according to our own statistics.

Increase client collaboration

Next, we have found that Gen AI can directly impact the amount of client collaboration, when used with other tools. In this context, mobile channels become particularly important, offering a mixture of convenience and simplicity with access to personalized, human-led interactions where necessary.

More collaboration has a direct impact on trust, which boosts client retention rates and company profits. In total, we have found that this approach increases the time that relationship managers spend with clients by 5–10%.

Scale assets under management (AUM) growth

The two above benefits all lead to the most important metric of all – a competitive edge to scale AUM growth. For advisors or relationship managers, the amount of time that they have to spend with clients directly impacts their ability to manage their assets. With artificial intelligence, they have more time to hold meetings with clients (on their preferred channel), directly increasing their ability to scale AUM growth.

Artificial intelligence in context

Artificial intelligence is not a lone wolf in a wealth management context. It is only functional when it is used as part of a larger journey that can take place across channels to help clients reach their financial goals.

In most cases, this will involve a number of key tools.

Conversational AI

This is the AI Co-Pilot that functions during opportune moments to reduce repetitive tasks and improve advisor productivity, while also reducing operational costs.

Secure Messenger

One of the most essential tools in an advisor’s work shed. This simulates and enhances popular messaging apps (WhatsApp etc.), while always being fully secure, compliant, and operational behind authenticated areas.

Video & Voice

The bread and butter of remote collaboration. Video and voice calls that are easy to launch from any channel or via scheduled meetings.


A more secure and collaborative alternative to screen sharing that allows either caller to view, highlight, or edit a shared document, browser, etc.


The same as Co-Browsing but in a cutting-edge mobile format to offer unprecedented in-app support. This is particularly useful in conjunction with Secure Messenger.

Document Collaboration

High-level collaboration capabilities on any document type including customer remote signature capabilities without navigating away from the page.

Interaction Management Hub

Here you will find the behind-the-scenes control panel that allows advisors to view, organize, label, and store all interactions across touchpoints and channels.

The tools in action

What might artificial intelligence look like in context?

Generating simple advice

Jake wants to see how his assets are doing after applying for a loan. He decides to contact his wealth manager, Ruth, via a Secure Messenger app.

Ruth generates the report using the Co-Pilot, drawing on information from the firm’s LLM. She then shares it on the same channel, which is entirely secure.

Scheduling meetings

Ruth has been researching investment strategies and has found an opportunity that she thinks Jake might be interested in. She decides to continue the conversation.

Ruth shares a calendar link via the Secure Messenger channel, allowing Jake to choose a time and date of his choice.

Broadcasting to many

Ruth has a number of clients who fit the same criteria as Jake and own multiple properties. In the Client Interaction Hub she has already sorted these clients using labels. She chooses this label to send a message to many. The chatbot helps her write the message more quickly.

An AI aid for every interactions

Operational efficiency is the unsung hero of success in the wealth management industry. By cutting down on routine tasks, relationship managers and asset managers can offer a better client service. Whether assessing financial risk tolerance or other potential risks or simply offering financial advice more quickly, real-time AI tools that offer data-driven insights are hugely beneficial. 

Wealth management firms and financial institutions as a whole should embrace every opportunity for advantage to boost client engagement and deliver an enhanced customer experience. 

This is where AI shines in the wealth management sector. Unlike robo-advisors, it never takes center stage, instead working at every juncture to silently improve the client experience and strengthen client relationships according to individual client preferences. 

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