Wealth managers' fear of using artificial intelligence is subsiding
The use of artificial intelligence in wealth management isn't new. It's been in the mix for more than a decade. However, its users feel less threatened today than when AI first broke into the space. Some managers use it as a timesaver that adds efficiencies; others use AI as a partner, providing numbers that augment the advice given to clients, human to human.
President Jay Pelham of Miami-based Kaufman Rossin Wealth & Insurance said his firm has integrated AI into its business model, which has “accelerated the time that it takes to deliver solutions to our clients.”
Kaufman Rossin uses predictive modeling powered by AI to map out retirement scenarios that help clients make financial plans. That may have taken longer before the most current, sophisticated digital tools existed.
