“This is the worst AI is going to be in our lifetimes. That’s a critical realization many firms are coming to now that they’ve seen how quickly AI is being adopted and how powerful it can be once it starts to get integrated into existing research and communications tools. Even firms that may have been a little skeptical when ChatGPT first launched are now seeing its potential in things like improved advisor productivity, client engagement, and investment research.”

Michael Alexander, President, Broadridge Wealth

“There is a tendency when talking about the prospects for AI in middle- and back-office operational functions to get reductive and focus only on workflow improvements and automation. That’s an incredibly narrow vision of the role of AI in wealth and one that does not address its enormous potential to transform the way we think about big challenges like data harmonization, new product development, and employee engagement. We have an opportunity to revolutionize financial services simply by capturing and utilizing the exhaust from countless operational functions. It’s time to get creative about how we operationalize AI.”

Ramprasad “RP” Sandilya, Vice President, Chief Growth Officer, Wealth Management

“Whatever numbers you see out there about the level of AI adoption among advisors, they are under-represented. Everyone is using AI. They may not be using it on their work desktops and it may not be built into enterprise workflows, but they are using ChatGPT on their phones and in their personal lives. And that presents a big challenge for the industry. The number one impediment to AI adoption right now among advisors is balancing this whole new spectrum of dos and don’ts, in many cases without a lot of guidance from their firms. There’s a huge opportunity for firms right now to help bridge that gap.”

Joseph Lo, Head of Enterprise Platforms

“The real test of firms’ and advisors’ comfort levels with AI is coming. So far, for the most part, we’ve seen AI being used to summarize – capturing key research insights, analyzing customer segments, etc. – in scenarios where human advisors are still the intermediaries between the technology and the client. As we get to a point where the AI-derived research and client analytics can be used to lead conversations with clients, advisors will need to be very comfortable with the technology.”

Alicia Rich, Head of Client and Advisor Digital Enablement

“Total firm spending on AI only tells part of the story. Many firms have spent a ton on technology over the past few years, but they have not yet figured out how to extract value from those investments, while others have invested far less, and they are already seeing transformative results in pockets of their business. There is no one-size-fits-all solution when it comes to AI in wealth. The real measure of success is around AI maturity – how are firms defining their goals and what are they doing to get there.”

Alok Gupta, Managing Director, Wealth Management and Asset Management Practice Lead

“As AI evolves from point solutions and proof of concepts to more fully integrated research, client management, and workflow optimization tools, wealth management firms are realizing that selecting the right predictive or generative AI model is just part of the equation. For many of the more innovative, high-impact use cases, the bigger and more challenging component of execution is developing more centralized and accessible data systems. This is an area where technology partners and service providers can play a key role in helping firms accelerate AI adoption.”

James Connell, Vice President, Strategy and Business Development