AI Tools Advisors are Using in Wealth Management

The boom in the financial industry's use of artificial intelligence (AI) has revolutionized wealth management and wealth advising in a way no one could have predicted. Not only is it a fast and easy way to process mountains of information, such as IBM's Watson, it has now reached the point where wealth managers can adopt AI systems into their own practice as a way to lighten their load and reach more customers with smaller assets. For one thing, wealth advisors can use the Wealth Management Solutions from Envestnet| Yodlee to get a more clear picture of their customers' financial health.


With Account Verification, you can get a real-time look at a person's holistic data picture, gathering data from the last 90 days of transactions, and identify quick short-term trends as well as predict future trends based on past data. This improves onboarding and adoption rates, and reduce abandonment. You can also use AI technology for intelligent automation, such as understanding new rules and regulations. Rather than asking your financial professionals to ensure your different programs and products are meeting federal regulations, your AI system can monitor your proposed changes and instantly alert you if a problem arises. Plus, it's possible to compare clients' data to all of their transactions, and even offer personalized recommendations based on a person's investment personality, past decisions, and predicted earnings. And rather than creating these recommendations by hand, your AI system can do it in a matter of seconds, drawing from more than 20,000 financial data sites in over 15 countries. This will let you offer more recommendations to more people, increasing the number of potential clients you can manage comfortably.


You can also use our Enterprise Advisor Analytics to give your enterprise clients access to practice-level dashboards that show fees and account performance, peer benchmarking analysis, and predictive analytics through a simpler and easier-to-understand interface. It helps you identify key trends and give you access to actionable intelligence that will help you monitor your clients' performance and goals more effectively. You can even integrate your platform insights with third-party data feeds, so advisors can see the fee and performance comparisons.


Finally, you can implement a Financial Wellness and Conversational AI solution that helps investors improve their overall financial health and connect with AI-driven advisors naturally using voice skills on Amazon Alexa, Google Home, and other smart speakers. This leads to more meaningful and rewarding client-advisor relationships. Your wealth management AI system can examine your clients' cash, credit, and investment accounts to measure their overall financial health, keep up with the changes, and then customize the advice based on new incoming data. Envestnet® | Yodlee® offers AI-driven Wealth Management Solutions that enables wealth management firms to provide personalized advice for traditional, digital, and hybrid applications with the highest quality data, strong advisor and investor experiences, and insights that enable managers to give more holistic advice. Our portals are loaded with tools for cash flow, income and expense monitoring, and performance reporting. Our optimized advisor experience also allows easy digital onboarding for new clients, as well as delivering comprehensive, impactful financial plans. If you would like to learn more about how to put the Envestnet | Yodlee Wealth Management Solutions to work for you, you can visit our website or speak with one of our sales representatives