In 2007, Steve Jobs promised the iPhone would revolutionize how we work, live, and connect. Fast-forward to today, and artificial intelligence (AI) is delivering on a similar promise for financial advisors—helping them save hours on manual tasks and focus on building stronger client relationships.

According to Accenture’s AI in Wealth Management: A Financial Advisor Study, 80% of advisors are leveraging AI tools to automate time-consuming, repetitive processes, enabling them to focus on higher-value activities (Accenture, 2024). Explore the full study.

Automation has become a cornerstone of efficiency in wealth management, with firms embracing AI to streamline workflows and improve accuracy.

The Impact of Automation in Wealth Management

EY’s 2024 report, Generative AI: Transforming Wealth and Asset Management, highlights that firms adopting AI-driven automation can reduce operational costs by up to 30% while enhancing client satisfaction. “AI automation is no longer a luxury; it’s a necessity in an increasingly complex financial landscape,” the report states (EY, 2024). Access EY’s report here.

Boston Consulting Group (BCG) echoes this in its Global Wealth Report 2024, emphasizing that advisors using automation are better equipped to handle the growing complexity of client needs and financial markets (BCG, 2024). Learn more from BCG.

Milemarker: Making Automation Accessible

Milemarker helps advisors unlock the potential of AI automation with tailored solutions that integrate seamlessly into existing workflows. By centralizing data through its proprietary Milemarker Data Model, advisors can automate critical tasks like:

• Portfolio Reporting: Generate accurate, real-time reports for clients with minimal manual input.

• Client Communication: Use AI-powered tools to personalize emails, newsletters, and updates, saving time while enhancing engagement.

• Data Reconciliation: Eliminate repetitive data-entry tasks by synchronizing systems through Milemarker’s integrations.

“Our goal is to turn manual processes into magical workflows that give advisors more time to focus on what matters most—serving their clients,” says Kailash Duraswami, Head of Technology at Milemarker.

Real-World Results

In a case study with a mid-sized wealth management firm, Milemarker’s automation tools reduced the time spent on quarterly reporting by 50%, freeing up the team to focus on strategic initiatives.

These time savings translate directly into ROI. As Accenture notes, 97% of advisors believe AI tools can drive significant business growth when implemented effectively (Accenture, 2024).

Looking Ahead: The Future of Automation

As financial markets grow more complex, the need for scalable solutions will only increase. Firms that invest in AI-driven automation today will have a significant advantage in attracting and retaining clients while improving operational efficiency.

Milemarker offers the tools and expertise advisors need to stay ahead of the curve, turning hours of manual work into minutes of automated precision.

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.