AI ILLUMINATIONS

While the rapid advancements in financial technology will never completely replace a human Financial Advisor relationship, it is definitely changing the way wealth management firms work.

Creating a complete digital experience in the wealth industry is now possible without involving an army of software engineers or writing a single line of code.

Implementing technology automation in financial services firms is a human effort intensive process. Major automation initiatives can fail or stall if the wrong people are assigned to the wrong tasks.

As an advisor, you understand what your clients’ expectations are. But does your technology provide the ability to meet and, more importantly, exceed those expectations?

Technology used to last 20-25 years, but today, with so many apps and frameworks comprising your tech stack, it’s important to evaluate your technology every five to ten years.

For years, much of the wealth management industry has viewed technology providers like vendors when they should be viewed as partners, said Crystal Andrus of JIFFY.ai.

Wealth management firms may take a deeper dive into automation by adopting a transformational approach, says Sudhish Sasidharan, Solutions Consultant with JIFFY.ai.

Until recently, most enterprises in the financial services industry had been looking at automation merely as a step within a business process. The approach to adopting automation was more tactical than strategic.

If the focus of the budget is right, everything else falls into place, especially for wealth management firms that need projected cost personalization at every level of operations.

Today's relationship managers must go deeper than they historically have and rely less on external subject matter experts in early conversations with clients and prospects.