At a glance
- In the same poll, 65% of those respondents said they have no metric for determining whether that spending is delivering its intended objective.
- The column argues that how many tools an advisory firm owns matters less than how those tools connect.
- Without a clear plan for how new systems work together, the author writes, firms layer technology onto processes that already carry friction: advisors work across disconnected systems, client data stays fragmented and service teams absorb too many handoffs.
Sixty-seven percent of industry participants polled at BNY's INSITE conference earlier this year said they have a dedicated artificial intelligence budget, up from 14% last year, according to a WealthManagement.com column published Oct. 13.
In the same poll, 65% of those respondents said they have no metric for determining whether that spending is delivering its intended objective.
The column argues that how many tools an advisory firm owns matters less than how those tools connect. Without a clear plan for how new systems work together, the author writes, firms layer technology onto processes that already carry friction: advisors work across disconnected systems, client data stays fragmented and service teams absorb too many handoffs.
Reported by the Practice management desk from WealthManagement.com. Published . Corrections