In the 15th century, Johannes Gutenberg’s printing press transformed the way people shared and consumed information, paving the way for a knowledge revolution. Today, artificial intelligence (AI) is playing a similar role in wealth management, redefining how firms manage data, interact with clients, and grow their businesses.

According to Accenture’s AI in Wealth Management: A Financial Advisor Study, 83% of financial advisors expect AI to have a significant impact on their client relationships within the next 18 months (Accenture, 2024). Additionally, 90% believe AI can help grow their business by over 20%. Access the full study here.

Boston Consulting Group (BCG) reinforces this optimism, noting in its Global Wealth Report 2024 that firms leveraging AI are positioned to outperform their peers as global financial wealth rebounds, growing by 7% in 2023 after a 4% decline in 2022 (BCG, 2024). Explore BCG’s findings.

Key Findings from the Accenture Study

1. AI Adoption Is Widespread: 77% of financial advisors are already using AI tools, primarily for automating tasks, enhancing client interactions, and generating personalized insights.

2. Infrastructure Challenges Remain: Many firms lack the foundational data systems—such as data lakes and warehouses—needed to fully harness AI’s potential.

3. High Growth Potential: Advisors who adopt AI effectively are poised to significantly grow their businesses.

How Milemarker Aligns with These Trends

Milemarker provides the tools and expertise wealth management firms need to close the gap between AI adoption and actionable outcomes. Through its proprietary Milemarker Data Model and technology audits, the company ensures advisors have the necessary infrastructure to make the most of AI.

“Our focus is on turning data into a strategic asset for firms,” says Jud Mackrill, Milemarker’s Cofounder. “We help advisors integrate systems, streamline workflows, and deliver the personalized insights clients expect in today’s AI-driven world.”

Automation Is Key

Automation is another area where AI shines. EY’s report, Generative AI: Transforming Wealth and Asset Management, highlights that firms leveraging AI automation can save up to 30% on operational costs while improving service quality (EY, 2024). Learn more at EY.

Milemarker specializes in automating repetitive tasks and creating seamless workflows, freeing up advisors to focus on high-value activities like client engagement and strategic planning.

Preparing for the Future

As AI adoption grows, firms that invest in robust data strategies today will be better positioned to compete tomorrow. Accenture’s study emphasizes that data readiness is critical for realizing AI’s full potential, and this begins with the right infrastructure.

Milemarker’s solutions offer a roadmap for firms to move from ambition to action, helping them unlock the growth opportunities outlined in the Accenture and BCG’s research.

References:

• Accenture. AI in Wealth Management: A Financial Advisor Study. 2024. Available at: https://www.accenture.com/in-en/insights/capital-markets/wealth-management-artificial-intelligence-all-systems-go.

• EY. Generative AI: Transforming Wealth and Asset Management. 2024. Available at: https://www.ey.com/en_us/insights/financial-services/generative-ai-transforming-wealth-and-asset-management.

• Boston Consulting Group (BCG). Global Wealth Report 2024: The Gen AI Era Unfolds. 2024. Available at: https://www.bcg.com/publications/2024/global-wealth-report-the-gen-ai-era-unfolds.

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