Technological advances could lead to more direct interaction between financial advisors and their clients, not less
If asked to imagine what a relationship with a financial advisor will look like in the not-so-distant future – when the majority of business processes integrate artificial intelligence and other revolutionary technologies – many of us envision interacting with an AI bot on a computer or a smartphone.
Today, wealth management firms are motivated more by the desire to build better client relationships when they’re deploying AI. Customer interaction is the top functional area targeted for AI investment. The result will include new self-service tools that allow clients to carry out routine tasks themselves online.
New technology systems can scour internal and external data sets for information about client demographics and financial and personal situations, needs and preferences, then determine which topics and products are most relevant and appropriate, and deliver insights. In this new hyper-personalized environment, advisors will have frequent touchpoints with clients – sometimes digitally, through AI-driven communication tools, and sometimes in person.
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