We see AI as even bigger then the PC and Internet revolutions, due to its potential for advisors to greatly amplify their impact on clients and their internal efficiency and productivity. In particular, there are three areas where AI stands to deliver tremendous benefits to wealth management practices:

1. Personalization. Increasingly, there’s no reason to do Google searches anymore to research potential clients or strategic business partners. AI enables advisors to quickly discover a wealth of information about people—empowering them to go into client meetings fully prepared to communicate with each specific person on an extremely personal level. Additionally, it helps advisors easily create highly customized content that “speaks” to each individual based on their needs, goals and values.
2. Efficiency. Advisors who are using AI effectively today report seeing around 15 to 20 hours of efficiency gains per week. Some key areas where they’re harnessing the power of AI are writing emails, transcribing client meetings and next steps to take, summarizing client information and inputting it into the practice’s CRM system, and sending content to clients. Those are all small things, but you add them up and the efficiency gains can be absolutely amazing.
3. Business growth. AI is now capable of delivering tremendous research and insights into target client markets, the state of the advisory industry, and lots of different demographic information about various cohorts who could be key to future growth—including potential business partners and professionals who could be great referral sources. The deep research functionality available through some applications can generate business insight and planning reports that you might gladly have paid thousands of dollars to access.

Of course, the AI landscape is changing all the time—every day, it seems. That can make it challenging for advisors—especially those who aren’t the most tech-savvy—to know how to get started. With that in mind, consider these action steps to move forward:

• Start small. Pick one AI tool and start using it and experimenting with it. Don’t try to be an AI expert before you even begin. Use AI to do background research into clients, prospects, professional partners and others. Or use it to create presentations and content quickly. We find that Perplexity is great for finding quick answers to questions, while Gamma AI helps greatly with designing brochures, presentations, web pages and the like. OpenAI and ChatGPT is great for drafting client communications, summarizing reports, and synthesizing large amounts of information.
• Automate repetitive tasks. Client reports, newsletters, articles—anything that involves highly repetitive, consistent steps each time can be automated using AI. This is an easy way to see the efficiency gains AI can deliver.
• Measure and expand. As you track results and see benefits in one area, expand into another business function. Soon you’ll find that AI is enhancing a broad range of tasks within your business.
• Get help and support. Don’t go it alone. Become involved in a group that is using AI so you can learn from your peers and share what you’ve discovered.

One last point: It’s not too late to get started with AI and gain a competitive advantage. Despite all the activity going on in this space, it’s still an underused resource. Business owners all seem to have a strategic plan for using AI—but most have not started actually implementing their plan. Get going today, slowly and methodically, and you’ll very likely find yourself better positioned than the vast majority of your competitors.

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