There is no shortage of unknowns facing the wealth managers and technology vendors in our ecosystem. Add GenAI to the pot, and the uncertainty level jumps into the stratosphere. Most FIs are still just trying to understand what AI means, build use cases, and make sense of what the competition is doing. How will GenAI change the workplace? How will GenAI be used to improve wealth managers’ profit and loss statements?

This report is the first of a series of reports that provide an overview of the wealth management/advisor perspective on AI, a supplemental survey of broker-dealers’ planned GenAI initiatives, market trends and regulation driving advances in GenAI and large language models, and an assessment of AI vendors, the results of which will be published in or around Q1 2024. This report is based on discussions with wealth management firms and vendors, desk-based secondary research, and a targeted quantitative and qualitative survey of firms in Datos Insights’ Wealth Management Executive Council during Q3 2023.

Clients of Datos Insights’ Wealth Management service can download this report.

This report mentions Alliance Bernstein, Bernstein Private Wealth Management, CaixaBank, FINRA, Merrill Lynch, Microsoft, Morgan Stanley, OpenAI, Salesforce, SEC, and Slack.