No, artificial intelligence won’t replace financial advisors.
If the wealth management industry learned anything in 2024, it was that. As much as AI can make life easier for advisors with automated notetaking, intelligent prospecting, lightning-speed investment analysis and more, it still can’t meet face-to-face (or Zoom call box-to-box) with clients and alleviate their concerns about interest rates, the markets, their daughter’s upcoming wedding or any other financial issues.
Maybe one day in the future. But we’re not there yet.
Still, in 2024, AI took big steps in wealth management, with firms like FINNY AI launching, touting itself as the “Hinge for financial advisors,” and Boosted.ai, an agentic AI meant to improve client communication for advisors, raising $15 million to move into the space.
Other firms, like Jump, an AI assistant, announced $4.6 million in funding in June and also won multiple WealthManagement.com Industry Awards this year in technology categories.
The list goes on and on. Just ask our tech columnist, Davis Janowski, who gets flooded daily with emails from new AI firms launching.
Check out these stories and more in this year in review.