The Myths of AI

Given Artificial Intelligence (AI) is widely used across many industries, how does it apply to wealth management? More importantly, is there a common definition of AI for financial services? In speaking with various professionals in the industry, it is clear that most firms employ some version of AI but struggle to define it. With that being said, many are using AI capabilities that have proven to be useful to the advisor-client relationship and overall portfolio performance. AI can help professionals in financial services recognize patterns, apply defined rules, and make better-informed decisions in both operations and relationship management. While AI certainly plays an important back-office role and can improve logistics, we are nowhere near the days of AI completely replacing the role of an advisor.