It can also help advisors make better use of the time they have with clients. When information is easier to access and interpret, advisors can prepare more effectively for meetings, identify developments that warrant attention and reach out to clients more frequently when there is something meaningful to discuss.
The need is significant. McKinsey estimates that the U.S. wealth management industry could face a shortage of 90,000 to 110,000 advisors by 2034 if current productivity levels persist. While this estimate concerns the U.S. market, the broader challenge of meeting growing demand for advice with limited advisor capacity is relevant to wealth management firms more widely.
“An advisor’s most valuable resource is time,” says O’Reilly. “The point isn’t to automate the value of advice. It’s to give advisors more capacity to deliver it.”
The opportunity extends beyond automating routine tasks. Better use of data can help advisors prepare for client meetings, identify portfolio developments that warrant attention and make communications more timely and relevant.
What role should AI play in wealth management data?
Artificial intelligence can help advisors identify patterns, summarize information and surface relevant insights. Its effectiveness, however, depends on the quality, context and governance of the underlying data.
