Geoff Moore, Chief Information Officer for Valmark Financial Group, joined Julie Cooling, Founder and CEO of RIA Channel, to discuss how advisors can increase efficiencies by using AI tools.
Moore notes that there are probably fewer RIAs implementing artificial intelligence than many would think. AI can add value to an RIA’s practice in areas including cybersecurity, governance, and change management, and make advancements within their firms.
While many RIAs are interested in adding AI to their practice, they often have concerns about the security of their data and the compliance and legal implications of the technology.
The goal of implementing AI tools is to increase efficiency in an advisor’s practice. Four Ways Financial Advisors Are Leveraging AI include estate planning, note-taking, streamlined data extraction, and boosting engagement in marketing. An application as simple as note-taking may save advisors as much as 30 minutes for each client meeting. Relatively few advisors are currently using AI in the investment decision-making process.
It can be challenging to onboard a new fintech solution, as there is no guarantee that any given startup will succeed in an increasingly competitive market. For example, there are already a dozen firms that offer note-taking applications specifically designed for financial services. Organizations need to focus on hiring and retraining technologists who can implement and optimize the use of these new AI tools.
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