AI ILLUMINATIONS

Every value chain member must have an ideal experience with access, transparency, and actionable data.  The tech must be able to understand and solve the pain points of the investor, advisor & home office.

Another new year is upon the wealth management industry, spurring firm leaders and advisors to review their businesses and consider changes that need to be made to address their evolving needs.

While management might want to implement technology at the enterprise level to solve a business challenge, effective automation requires implementation that drills down to solve problems for each stakeholder.

How can companies starting on their technology journey identify the right process to automate? The answer is multifaceted, per Phil Sheridan at JIFFY.ai, an autonomous enterprise platform for finserv organizations.

Have you thought about how rising interest rates will affect the banking and wealth industries? Or how these internal problems can be solved, and failures circumvented using emerging technology?

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.

Advisors planning to change their affiliation—be it a transition between broker-dealers, breaking away for a wirehouse or moving between RIAs—will have their work cut out for them.

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.

Financial advisors and their staff want to focus on three areas within their businesses for automation: servicing existing clients, prospecting and growing the firm through hiring, recruiting and acquisition.

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.