The Next Challenge for Advisors: Turning AI Into Better Client Advice

I think the competition among the advisors in what advice they offer and how they prepare for the advice, especially with the multitude of asset classes and different types of models that they can offer. I think relating that constructive advice to the audience they manage accounts under management. People come from different direction, different backgrounds, different cultural experiences.

I think adapting to knowing the customer so to say. And working with proper notation and proper note taking and capturing the context that measures their back history if it's a older advisory firm with where they're going to be 1 to 3 years. I think that with the addition of AI many companies transition to what they say, how they prepare for it.

I think even accounts under management households use AI at home. So I think they're already accustomed to some quality of the conversation. I think that they're measuring advisory if the advisor is on point with the household is the key.

I think there would be a competition among them to how they adapt. And this is the work in progress. I think it's a good thing that it's a work in progress.

But adapting to more relationship driven, more adaptation to what relationship is between an advisor and a household, especially in transitional household when you know, 6-year-old becomes a 10-year-old and becomes a 18-year-old going to college, all that transfer of money and movement is going to be key. I think the pitfalls might come if they disengage from technology. I think pitfalls might come if they use technology without necessarily knowing what benefit it gives them.

I'm referring to use of AI in traditional portfolio management wealth management business. The pitfalls might be if they rely too much on the convenient enough AI preparation without the sole relying on their own history that they kept and however they kept it.