Perspective
Using generative AI to power growth for wealth managers
3-MINUTE READ
February 14, 2025
For wealth managers in North America, generative AI is set to be a game changer. It can help firms deliver personalized services at scale, refine investment strategies and build deeper client trust—all while keeping pace with rising customer expectations.
According to Accenture's latest North American Wealth Management Advisor Survey, which included 500 financial advisors, 96% of respondents believe gen AI can revolutionize client servicing and investment management. Additionally, 97% of surveyed advisors foresee its most significant impact within the next three years.
But here’s the catch—while most said their firms are experimenting with gen AI (78%), just 41% state that their firm is already scaling adoption as a core part of their business. This presents an opportunity for firms to move ahead of the competition.
Today, wealth leaders are at a pivotal moment moving from gen AI enabled efficiencies and cost optimizations, to asking themselves “How can we empower our financial advisors to leverage gen AI to fuel growth and drive differentiation?
Implemented appropriately, gen AI could support wealth management growth
- Market Analysis and Forecasting: Helping advisors analyze trends and forecast market outcomes with more precision, enabling better-informed decisions for clients. (50% of surveyed advisors prioritize tools for product suitability and market trends when it comes to gen AI use cases for Investment Management.)
- Hyper-Personalization: Generating customized financial advice tailored to each client’s evolving needs, ensuring highly relevant guidance. (42% of advisors would most like to use gen AI for personalization and business recommendations across all use cases.)
- Portfolio Management: Automating portfolio adjustments based on real-time market data, client risk profiles, and financial objectives, enhancing portfolio performance. (48% value automated portfolio rebalancing.)
Top high-impact use cases, according to our survey
50%
of respondents felt Product Recommendations has high-value potential, with gen AI personalizing product suggestions to enhance client engagement.
49%
of respondents viewed Financial Plan Generation as having high-value potential, with gen AI automating customized financial plans, saving time for advisors.
48%
of respondents placed high value on Portfolio Rebalancing, with gen AI helping to adjust portfolios in real-time to ensure they align with client goals.
Key benefits of using gen AI for client service and investment management:
- Enhanced Personalization: Deliver hyper-targeted advice based on real-time insights at key moments, increasing the likelihood of conversion.
- Time Efficiency: Free up advisors’ time by automating complex processes and administrative overhead, enabling advisors to focus on fostering relationships.
- Better Client Outcomes: Align financial strategies with client goals through intelligent, data-driven decision-making, winning client trust.
Breaking barriers to gen AI adoption
To unlock gen AI’s full potential, leaders must tackle some key headwinds:
43%
of financial advisors cite Technology & Data and Client Trust as the top two barriers to AI adoption.
- Technology & data: Technology and data pose barriers to gen AI adoption due to challenges like outdated infrastructures, siloed or poor-quality data and the high computational demands required for AI models. Without the right systems in place, firms might struggle to integrate gen AI effectively and produce reliable results at scale.
- Client trust: While clients may be hesitant to trust AI with their financial futures, gen AI's personalization capabilities could actually build trust by delivering tailored experiences. Clear communication about AI's role as a complementary tool, combined with human interaction, is critical to help overcome skepticism.
Responsible use of gen AI is another important aspect. 77% of advisors cite data quality and transparency or training bias as the primary barrier to Responsible AI adoption in our survey. Firms could overcome this by implementing robust governance frameworks and regular audits to ensure AI outputs are as trustworthy as human advice.
Don’t get left behind
The wealth management industry is currently experiencing a seismic shift, driven by rising client expectations and intensifying competition. Firms that delay AI adoption risk being left behind as early adopters position themselves for long-term success. Now is the time for action to shape a future of wealth management where technology amplifies human expertise, fosters trust and helps deliver success.
Reach out to us now and start your AI-driven transformation today.