Journal of Financial Planning: May 2025
Molly Weiss, wealth management platform group president at Envestnet (www.envestnet.com), is a wealthtech veteran with more than 20 years of experience. Today, Molly drives the continuous innovation of Envestnet’s end-to-end technology and solutions, ranging from portfolio management, financial planning, performance reporting, and digital account management tools. Molly works to deliver the technology platform capabilities that financial professionals need to serve their clients. She holds an M.B.A. from Santa Clara University.
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In today’s fast-paced financial landscape, advisers are tasked with delivering personalized solutions to an ever-growing client base. Technology has become the catalyst, making it easier than ever to provide tailored advice at scale.
Fintech advancements are continuously reshaping the landscape. Tools once exclusive to large institutions are now easily accessible to independent advisers—and in some cases, even more so for independent firms. This shift has been a key driver of the trend toward independence, as technology is empowering advisers to serve clients more effectively and efficiently.
Recently, advisers have gained greater access to AI-driven insights, automation, and open-architecture platforms, empowering them to scale and tailor solutions for their clients. In fact, AI can significantly streamline operations within a financial practice. According to a survey from ICit Business Intelligence, two-thirds (66 percent) of finance professionals believe AI will save them between 50 and 200 hours annually, allowing them to dedicate more time to high-value activities like strategic planning.1
The Modern Adviser
Gone are the days when advisers had to build everything from scratch. In the past, independent advisers faced immense pressure to be everything—CIO, portfolio manager, and financial strategist—all while managing client relationships. Today, AI and technology can handle much of that heavy lifting, allowing advisers to focus on what truly matters: building stronger, more personal connections with clients.
One of the most prominent themes driving the wealth management industry today is “personalization at scale.” This is another area where AI is empowering advisers and enabling them to create scalable and customizable portfolios that go beyond traditional assets. AI-driven insights can support advisers with incorporating alternatives and other complex investments into a portfolio, with technology allowing them to serve and cater to multiple clients with diverse needs.
This is why there has never been a better time to be an RIA. Tools that once felt out of reach are now at your fingertips. You no longer need a complex, custom-built infrastructure to meet client needs. Whether you’re an RIA serving high-net-worth clients or a smaller firm looking to expand, cutting-edge tools are available to help you scale without compromising on quality.
Harnessing AI to Scale
If you’ve been hesitant to embrace AI, now may be a good time to begin testing the waters. Start by identifying the areas of your practice that could benefit most from automation or AI-driven solutions, and take gradual, strategic steps toward implementation. Leveraging these tools properly can help to sharpen your competitive edge, and it can also help you provide a more personalized, efficient experience for your clients.
Personalized service is no longer a bonus in wealth management—clients expect it. They want advice that fits their financial goals, risk tolerance, and personal values. The challenge for wealth managers has always been delivering this level of service at scale to large numbers of clients.
AI is changing this. By using AI, wealth managers can now offer tailored advice at scale. This may allow them to serve more clients efficiently while still providing a personalized experience.
Why Personalization Matters—Leveraging AI to Educate Clients and Anticipate Their Needs
Investors today don’t want generic advice. They want strategies that reflect their needs and preferences. In fact, according to a Salesforce survey, 71 percent of consumers say they are willing to share more personal data if it leads to better, tailored services.2 AI helps by quickly analyzing that data and turning it into personalized recommendations.
Every financial adviser collects data on a client’s financial goals, risk tolerance, and investment preferences. Based on this data that is already in your systems, AI tools can suggest investments that align with the client’s needs.
AI is transforming how advisers communicate with clients by automating and enhancing client engagement. With AI-powered tools, advisers can track client interactions and behavior patterns, receiving notifications when it’s time to reach out.
Whether it’s reminding advisers to follow up on a client’s portfolio performance, notify them of market changes, or check in on life events that might impact financial goals, AI can ensure no important touchpoint is missed. By flagging these moments, AI can help advisers stay proactive, fostering stronger, more personalized relationships with clients while freeing up time for strategic planning.
AI can also help you create marketing materials and educational content for clients. One area where AI can be particularly effective is in navigating complex topics like tax law. For instance, generative AI models such as ChatGPT can support in generating tailored content.
Here is an example of a prompt to try: “I’m a financial adviser working with wealthy, retired clients holding low-cost-basis stock that would trigger significant gains if sold. I want to inform them about the benefits of donating their stock via a donor-advised fund and the tax advantages involved. Could you write a 300-word newsletter on the subject, ensuring it’s professional yet easy to understand?” This is an example of how AI can assist in crafting clear, informative pieces that resonate with clients—without getting bogged down in jargon.
Regulatory Concerns
When leveraging AI tools, financial advisers must remain mindful of regulatory concerns to ensure compliance with industry standards. While generative AI can offer significant benefits, such as streamlining content creation and automating tasks, you must be sure to follow best practices. Always double-check AI-generated content for accuracy, as these tools are not infallible.
Additionally, avoid inputting confidential client information into generative AI platforms, as doing so could compromise privacy and violate data security regulations. While AI can enhance efficiency, it should be used as a supplement to human judgment rather than a replacement for it. The buck stops with you when it comes to ensuring that all outputs align with regulatory standards and client expectations.
The Digital Age: Will AI Replace Advisers?
Remember the days when we constantly heard, “There’s an app for that?” This is a mindset that advisers should embrace today. Take a step back and assess your practice—what tasks take up the most time? Can technology handle them? Start small by experimenting with AI tools to see how they can enhance your workflow. This will free up valuable time, allowing you to focus on building deeper, lasting client relationships.
There was once widespread concern that robo-advisers would replace human advisers entirely. However, the reality has been quite the opposite. Rather than eliminating the need for human advisers, the rise of robo-advisers has highlighted the importance of the human touch in the adviser–client relationship. Today, the industry is more focused than ever on enhancing that personal connection.
AI can play a key role in this by taking over routine tasks and data analysis, thus enabling advisers to spend more time face-to-face with clients. With AI as a powerful tool in your arsenal, you can enhance your client experience, offering more tailored and informed advice, while dedicating more time to the meaningful conversations that truly set you apart.
Stay curious, stay adaptable, and continue exploring the innovative resources available to you. Now is the time to integrate AI into your practice and make it work for both you and your clients.
Endnotes
- The CFO. 2024, November 7. “200 hours. That’s how long AI COULD save you in FP&A.” https://the-cfo.io/2024/11/07/200-hours-thats-how-long-ai-could-save-you-in-fpa/.
- Salesforce. 2019. “Majority of Global Consumers Frustrated With Disconnected Experiences, 72% Willing to Seek out Alternatives.” www.salesforce.com/news/press-releases/2019/10/19/majority-of-global-consumers-frustrated-with-disconnected-experiences-72-willing-to-seek-out-alternatives/.