AI is already impacting your business. Here’s why you shouldn’t be ignoring it.

Get ready for TradePMR’s CE-credited webinar on the impacts of artificial intelligence as Chief Client Growth Officer Bill Coppel and Atlas Point’s Head of Behavioral Science, Liz Strait, discuss the future of wealth management.

The exclusive live webinar will be held on March 14 at 2pm ET. Sign up today. 

The impact of artificial intelligence for financial advisors is no longer theoretical. AI now influences how we make purchasing decisions, guides us along city streets, and even opens doors to new relationships.  

In wealth management, AI can help us make choices about planning for future goals, indicate how to achieve those goals, and even predict whether clients (and financial advisors) should be interacting and engaging with one another. It’s powerful and present.  

Advisors understand that the increasing ubiquity of AI makes the subject a practical matter. But what remains to be seen is whether AI will actually replace advisors completely. 

Uncertainty in the Machine 

Just how deeply will AI impact our industry and the people working to serve clients? As natural language models, machine learning, and powerful computing remove friction from certain aspects of client-advisor relationships, it’s possible to imagine a future where advisors and clients can better connect and identify with one another. Could it be possible to use AI as a tool to enhance and strengthen clients’ ties to advisors?  

For example, AI chatbots have already ​​proven useful for managing loneliness.¹ Because they’re designed to empathize and entertain, message exchanges with companion chatbots can feel fulfilling for certain people. 

It’s even possible that AI is capable of changing our relationship to the concept of trust. Technology takes the trust we place in institutions and experts – like regulators, authorities, and financial advisors – and distributes it across networks and platforms.  

In this sense of the word, “trust” is a shortcut for the mental energy of deciding at every moment how, and to what extent, we opt to engage with someone or something that’s unknown. In a world more permeated by AI, deeper client-advisor connections can become even more important. Advisors and clients will need to more deeply connect around shared experiences and emotional touchstones, because technology is already rewriting the way we think about engagement and hierarchies. 

Behavioral Science Saves the Day 

At TradePMR, we believe the industry is headed to a behavioral, solution-focused approach to financial advice. Taking a deep dive into understanding behavioral patterns, with an aim of addressing biases and driving engagement, promotes better client outcomes and better decision making.  

In fact, we’ve put together an entire presentation on the impact emotions, artificial intelligence, and shifting advisor strategies are having on the industry, business growth, and the future of financial advice.  

To learn more about the risks of transactional relationships — and how to build a future-oriented business that harnesses the changing toolkit of advice — sign up for our CE-credited webinar today. 

About TradePMR

For more than two decades, TradePMR has worked with growth-minded independent registered investment advisors (RIAs), providing innovative technology tools and support designed to transform their businesses. The privately-held brokerage and custodian services provider (Member FINRA/SIPC), based in Gainesville, Fla., works to streamline fee-only investment advisors' operations through comprehensive custodial, operational, and trading support. For more information, visit www.TradePMR.com.

¹ “Better than a real man': young Chinese women turn to AI boyfriends,” AFP, France24, February 2, 2024.