In 1969, humanity’s first steps on the moon were made possible by computers, a pioneering tool that forever changed exploration. In the same way, artificial intelligence (AI) is redefining the financial advisory landscape, helping advisors take a giant leap in transforming their relationships with clients.

A recent study by Accenture, titled AI in Wealth Management: A Financial Advisor Study, reveals that 83% of financial advisors expect AI to deliver a direct, measurable, and consistent impact on client-advisor relationships within the next 18 months (Accenture, 2024). Advisors are increasingly adopting AI-driven tools to better understand client behavior, personalize advice, and enhance communication. Access the full report.

Transforming the Client-Advisor Connection

The financial advisory industry thrives on trust and relationship-building. Yet, with the growing complexity of client needs, staying relevant requires more than traditional methods. AI is the game-changer. From sentiment analysis tools that gauge client emotions to predictive analytics that anticipate financial trends, AI offers advisors powerful ways to create deeper, more personalized client experiences.

For example, Milemarker’s data solutions provide advisors with access to real-time insights by integrating siloed systems into a unified platform. This allows firms to better understand client data and deliver insights directly to clients through intuitive dashboards. With tools like the Milemarker Data Model, advisors can harness the full potential of their existing systems while preparing for future AI advancements.

Closing the AI Gap

Despite the rapid adoption of AI—77% of financial advisors are already using AI tools—many firms still lack the foundational data infrastructure necessary to fully leverage its capabilities. “Without a data lake or warehouse in place, advisors are often limited in their ability to generate actionable insights,” says Milemarker’s technology team.

This gap is where Milemarker excels. By combining a robust technology audit, a tailored data strategy roadmap, and its proprietary Milemarker Data Model, firms can ensure their infrastructure is ready to support the next generation of AI tools.

What’s Next?

As AI adoption continues to grow, the pressure on financial advisors to integrate this technology effectively will only increase. “AI is not just a tool; it’s a relationship builder,” the Accenture study emphasizes. For firms looking to lead in this space, investing in data infrastructure is the first step.

Milemarker positions itself as a trusted partner in this journey, equipping firms with the tools to transform their client relationships and unlock the potential of AI.

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.

• Milemarker.co, “Data Strategy and AI Solutions for Wealth Management,” accessed November 2024.