How artificial intelligence became financial advisors' favorite new tool

Advisors are using artificial intelligence to expand access to wealth management insights. Traditional financial plans often required multiple meetings between advisors and clients with frameworks left to stagnate outside the meetings, but the inclusion of AI has allowed that conversation to become continuous, Sam Palmer, managing director and head of strategy, digital wealth planning & advice for JPMorgan Wealth Management, said during a panel discussion at Financial Planning's INVEST conference in June. "What has started with clients having to interact with an advisor, even to be able to trade stocks moving over through access to digital tools and automation, is [now] more tools in the hands of consumers for financial planning and financial health," Palmer said. "We are able now to have continuous monitoring as an individual [and] as a consumer of my cash flow." This eliminates the need for simple one-off conversations with an advisor.