Is Artificial Intelligence Becoming a Tool for Financial Advisors?


Financial advisors are starting to be big fans of artificial intelligence (AI)--not only because it can automate administrative tasks like data entry but also because it is starting to have a significant impact on the client-advisor relationship. "Against increasingly challenging market conditions, AI has the potential to help wealth managers sustain and drive new growth, create operating efficiencies, and transform the customer experience through more hyper-personalized insights and products," said Scott Reddel, who leads the North American wealth management practice at consulting firm Accenture. "Now isn't the time to take your foot off the pedal. Firms can overcome adoption speedbumps with continued commitment from management, focused applications that deliver business value, and--perhaps most critically--collaboration across business lines." Accenture recently released new research, "AI in Wealth Management: A Financial Advisor Study," after surveying 500 licensed financial advisors in the United States and Canada earlier this year who work at major wealth managers, banks, insurers, and independent wealth firms.

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