found 75% of banks with more than $100 billion in assets said they are currently implementing AI strategies, compared with 46% of banks with less than $100 billion in assets.
A decade from now, one of the hottest trends in technology should be commonplace among advisery firms: voice-enabled search combined with machine learning. Adoption of smart speakers such as Amazon Alexa and Google Home is expected to be faster than for any other consumer device, including the smartphone, as consumers grow more comfortable making trades and checking their account information without clicks and taps.
AI and machine learning can also help advisers glean actionable insights from written and voice conversations, including the sentiment of clients even if they don't give voice to their feelings. But at the end of the day, we believe investors will still want to form ongoing relationships with trusted advisers who provide personalized, sophisticated wealth management.
Demand is rising and so there is an opportunity — and an urgent need — for our industry to work together and attract a new generation talent by raising the profile of financial planning on campuses and encouraging RIAs to seek out young professionals to help sustain the industry's great success over the past few decades.Yes, clearly.
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