December 9, 2023

As Craig Iskowitz lays the groundwork for an AI-focused roundtable discussion with some of wealthtech’s biggest names, he cites three sentences to illustrate the current debate surrounding these two letters: upsurge.

The first two quotations are from Accenture and the UN agency, respectively, discussed how the technology could make the business environment more competitive, and that countries with the highest rates of AI use currently have the lowest unemployment rates.

Craig Iskowitz, founder and CEO of strategic consulting firm Ezra Group

Ezra Group

The third, from OpenAI CEO Sam Altman, sounded more ominous but equally praised the power of artificial intelligence to enhance the power of any industry it touches. strength.

“His quote was, ‘AI may lead us to the end of the world. But at the same time, it will help build some great companies,'” said Iskowitz, founder and CEO of strategic consulting firm Iskowitz. Ezra Group. “I don’t think the AI ​​doomsday is coming anytime soon, but there are some great companies out there.”

Last week, Iskowitz served as the moderator of the meeting Financial Advisor Artificial Intelligence and Automation Summitis a nearly two-hour virtual event aimed at growth-minded advisors and wealth managers eager to incorporate the latest AI technologies into their practice.

The event was part discussion, part presentation, featuring speaker Josh Smith, Throw; Andrew Altfest, Chief Executive Officer FP Alpha; Anand Sheth, Chief Executive Officer Pulse 360; and Rick Williamson, Director of Training Redtail.

The summit was also attended by lively siren’s Angel Gonzalez gave the first live demo of the “AI Content Assistant,” a new feature for the financial services marketing platform.

read more: How advisors are using artificial intelligence to gain an unfair advantage

In addition to exploring the differences between technologies such as generative artificial intelligence, machine learning and robotic process automation, the summit also focused on practical applications of artificial intelligence available to advisors today.

To illustrate this point, the speaker presents a full prospect journey driven by the AI ​​tools currently offered by participating companies. From first contact to subsequent client communications, viewers saw how advisors equipped with these tools can deliver more without increasing their working hours.

“I’ve been in the consulting world for twenty years,” Sheth said. “I’m really frustrated that I didn’t have this technology twenty years ago because it saves a lot of time.”

Anand Sheth, CEO, Pulse360

Pulse 360

After the presentation was complete, the panelists delved into some pressing questions surrounding the impact of AI on wealth management, with one observer asking since ChatGPT suddenly became mainstream in November 2022: As AI takes center stage, will it drive Human development? Advisers go backstage?

Iskowitz and the team said there was no chance. Instead, they emphasize the ability of AI to facilitate rather than hinder human participation.

“[End clients]are being inundated with different AI examples, whether they know it or not. … They’re going to come to expect that from their consulting experience as well,” Iskowitz said. “The more companies that use AI, the more engaged employees will be. It won’t disengage employees and cause them to be fired. It will make them more engaged because they’re liberated.

“What they normally do manually building spreadsheets, manually exporting data, manually building reports from disparate systems can be automated in AI. These employees can then move up the food chain, the value chain, and deliver more value and value .” Do more valuable things for customers. ”

Scroll down to see some of the most important takeaways from the summit on AI safety, wealth management implementation and innovation.