When I think about AI, a lot of emotions come to mind.

Excitement, uncertainty, curiosity, fear.

The fear comes in the existential question, will computers continue to assist humanity, or will they get to a point where they eventually compete with it?

This is an admittedly uncomfortable idea that raises a whole lot more questions.

What will this mean for me?

What will this mean for my children?

What will this mean for the future of the wealth management space?

What will this mean for the future of all people?

As we grapple with the role of computers in shaping our future, a central theme arises: the need for continuous innovation.

The uncertainty of the future admittedly sparks discomfort for many of us who have found solace in the status quo, where comfort has equated to stability.

Comfort, while pleasant, is the enemy of progress.

Just like computers and AI continue to evolve, so do our businesses. The wealth management industry is on a path that requires continuous adaptation to continue to stay on top and serve our clients in the best way possible.

The future is not a fixed destination but an ongoing exploration, demanding increased curiosity and a deeper need to learn.

As industries around us undergo transformative shifts, it becomes evident that clinging to familiarity hinders growth. The financial advise industry, much like AI, must embrace change and press into innovation faster than ever before.

Businesses built on static solution sets face extinction. The survival of organizations rest in their ability to peel back the layers continually, reinvent themselves, and adapt to emerging trends.

So, how can wealth management teams, platforms, solution providers, and asset managers practically keep peeling back the layers as they look ahead?

1. Prioritize Transformation:

Financial advisors must ask themselves how each service provided contributes to moving clients to the next layer in their financial journey. Transformation can be swift, but the focus should always be on anticipating client needs.

2. Embrace Automation:

The key to achieving this scalability lies in the strategic embrace of automation. It’s not just about adopting technology for the sake of it but understanding that automation is the linchpin for delivering efficient and anticipatory solutions to clients.

3. Cultivate a Curious Mindset:

To keep peeling back the layers, organizations need a team that is not satisfied with the status quo. Fostering a culture of constant curiosity and innovation is imperative. Team members should be asking questions and working collaboratively to build better solutions.

4. Future-Proof Technology:

A forward-looking technology strategy is vital. Financial advisory firms need to control their future by ensuring their technology isn’t limited by a particular party. As innovation accelerates, falling behind is not an option, and the technology in use should be at the forefront of industry trends.

The future of our industry is exciting, but it demands a departure from the expectation of constant comfort. We have to evolve how we work, and we have to surround ourselves with people who are willing to take us on that journey.

Here’s to setting aside comfort in 2024.