Kindness and culture are as important as platforms and processes to SS&C founder Bill Stone, focusing on data and AI as key transformative factors for wealth management.
For Bill Stone, chief executive officer of SS&C Technologies, artificial intelligence (AI) will be the single most transformative catalyst for the wealth management industry.
Yet unlike those commentators who see it only as a positive force, Mr Stone understands there are as many challenges as opportunities.
With a career spanning four decades, Mr Stone’s insights are shaped not only by the evolution of his company but also by his deep understanding of the financial industry. He has seen black box investments blowing up because they failed to take account of changing economic dynamics, the boom and bust cycles around tech stocks, and several dramatic financial crises. This is why he urges caution, even to AI’s most enthusiastic exponents.
“You have to understand the context of what you’re trying to get AI to do for you. AI is, in some ways, a reasoning being of some sort, so it thinks on its own and decides,” says Mr Stone, as he prepares to take the stage for SS&C’s annual conference in Windsor, close to the home of the UK’s Royal Family. “I would suggest you not have illusions of grandeur and that people take baby steps.”
SS&C, which Mr Stone founded, started out of his home in Connecticut, US in 1986, provides technology, data and administrative solutions to wealth managers, family offices, and private banks, helping them manage complex portfolios, automate operations and access alternative investments at scale.
Mr Stone highlights the ongoing challenge of ensuring AI remains a tool for good. Algorithms can create their own “defences” when they sense attempts to outsmart them, he says, pointing to AI’s unpredictable nature.
Guardrails and oversight are crucial. “You have to have really built-in guardrails,” he says, tracing imaginary diagrams as the auditorium fills with employees and clients. “If it branches to here, it gets shut off.”
“You have to understand the context of what you’re trying to get AI to do for you”
Validating outputs
He also expresses concern about losing control of these systems. “I think we will have had instances where people have been fooled by deep fakes, people have been fooled by other hallucinations,” he suggests. “AI really couldn’t figure out the problem, so it made it up.” Firms must stay “vigilant” by validating outputs and maintaining regular audits.
Discussing family offices, Mr Stone focuses on their diverse and evolving needs. SS&C, he claims, supports wealth holders in managing complexity across generations. He highlights how technology can be used “to show each member of the family where their positions are, how they’ve done and what their wishes are”. The ability to achieve these three goals, he believes, is central to the success or failure of modern wealth platforms.
Beyond data tracking, family offices also require tools for wealth transfer. “You don’t want an 18-year-old kid flying around in a Ferrari and crashing it,” he says. “You need to create technologies that help manage the enterprise,” he remarks, stressing the importance of financial governance. Tax efficiency and jurisdictional planning are also key concerns across regions.
Generational shift
Mr Stone highlights the need to support younger, more tech-native heirs as a generational wealth shift accelerates. “We’ve been bringing out technologies,” he says, describing recent rollouts of the Black Diamond and Genesis platforms. “There are all kinds of ways that people can slice and dice the information,” he says, acknowledging that compatibility with iPhones and iPads is key to success.
He also notes increasing demand for speed and efficiency, especially around trading and settlement. As cycles shorten from five days to one, wealth managers must meet expectations for real-time execution. “As soon as they say ‘go’, you need to be able to go,” he says.
Looking ahead, Mr Stone sees opportunity in new markets and changing demographics. SS&C has expanded to Abu Dhabi, Riyadh and Dubai, signalling a strategic pivot toward high-growth financial hubs in the Middle East. “The key to staying ahead is to listen to what these young princes are saying about what they want to do with newly found assets being transferred to them,” he says.
He believes younger generations are more open to private markets, including equity and credit, and are willing to trade liquidity for returns, but stresses the importance of regulatory compliance as markets evolve. “We’re working closely with regulators around the world to ensure that we meet the evolving demands of the industry,” he explains.
A strong sense of values underpins SS&C’s culture. “Businesses are all about people,” says Mr Stone, a keen athlete during his college days.
He emphasises the importance of kindness, listening and recognising the unique skills each person brings. “The biggest trait a leader needs is to be kind,” he suggests. “You have to spend time with the people and you listen.”
His leadership style encourages progress and clear expectations. “We’re a meritocracy,” he states. “I don’t care if you’re white or black or female or male. If you can you get the job done, I love you. If you can’t get the job done, I still love you but work somewhere else.”
Despite decades at the helm, he remains fully engaged. “I’m not ready to give it up,” he says. “I’m going to do my job as best I can.”
