Verity Larsen, Chief Executive Officer of Versoft Consulting, joined Zoe Hunt, Host of RIA Channel, to discuss the importance of data strategy as firms accelerate AI adoption.
As AI continues to transform wealth management, Larsen cautions firms against rushing to implement new technologies without first establishing a solid data foundation. She emphasizes the importance of a holistic, consolidated data strategy that creates a single, reliable source of truth across the organization. Since AI tools, including chatbots, can generate confident responses based on inaccurate data, she encourages firms to ensure their underlying information is accurate and well governed.
Larsen highlights the operational challenges RIAs may face when different offices rely on different technology systems. She notes that standardizing systems and integrating workflows across the firm can improve efficiency.
Larsen also encourages firms to expand their AI focus beyond advisor-facing applications. While advisor tools have seen impactful advancements, she believes there’s also an opportunity in the back office, noting that automating those operations could improve client service.
Versoft Consulting is an investment technology consulting firm that helps clients maximize the value of their portfolio management and CRM software by updating, streamlining, and optimizing workflows and reporting to boost efficiency and client service.
Resources