At the Advise AI conference in Las Vegas, there were countless examples of how AI is making advisors’ lives easier. In part one of a special episode of The Disruption Is Now, host Greg Matusky sits down with three leaders at the forefront of AI in wealth management: Alex Mathé-Cathala of Vega Minds, Tim Chaves of Jump, and Brian Wallheimer, Editor-in-Chief of Financial Planning magazine.
These three experts explore the current state and future potential of AI in their respective fields, offering a glimpse into the possibilities for financial professionals ready to adapt and grow with technology.
Watch now:
Key takeaways
AI frees advisors to deepen client connections
Administrative tasks like data entry, note-taking, and task management consume valuable time that advisors could spend with clients.
AI tools like Vega Minds and Jump are changing that. Vega Minds builds a centralized knowledge base by integrating client data, emails, meeting notes, and even the advisor’s personal style and firm philosophy. It updates automatically whenever there’s a new client interaction, ensuring advisors have up-to-date information at their fingertips.
Jump assists advisors throughout the meeting cycle: it prepares summaries of past interactions, records and transcribes meetings (even in-person ones via a mobile app), generates customized notes in the advisor’s preferred format, and updates CRM systems with new tasks and follow-ups. By handling these time-consuming tasks, AI allows advisors to focus on providing personalized financial advice and strengthening client relationships.
Startups lead the way in AI innovation for wealth management
Industry insiders like Alex Mathé-Cathala and Tim Chaves are driving AI innovation in wealth management. Alex, a former MIT student with a background in financial engineering and machine learning, founded Vega Minds to address the specific needs of financial advisors. By leveraging AI to create a centralized knowledge base of client data and interactions, Vega Minds offers a level of customization and integration that larger tech companies haven’t provided.
Tim, after selling his previous fintech company, recognized the potential of AI in enhancing advisors’ workflows. He founded Jump to assist advisors throughout the meeting cycle, automating tasks that were once manual and time-consuming.
Both entrepreneurs believe that their specialized focus allows them to create more effective solutions than generic tools from big tech firms, which are less likely to address industry-specific needs.
AI adoption in wealth management gains momentum
Wealth management has historically been cautious with new technology, but that’s changing fast with AI.
Brian Wallheimer observes that advisors are now embracing AI to meet the demands of younger clients who expect seamless, tech-enabled services. These clients want instant access to their financial information on their phones, not quarterly statements in the mail. AI tools are helping advisors provide that level of service.
Brian notes that firms are exploring AI for client marketing, finding touchpoints with clients, and even scouring the web for “money in motion” events like inheritances or divorces that clients haven’t mentioned. Advisors who adopt these tools are likely to retain existing clients and attract new ones, while those who lag may fall behind.
AI enhances journalism and marketing in finance
The impact of AI extends beyond financial advising into journalism and marketing within the finance industry. Brian explains that AI tools are helping journalists at Financial Planning magazine by generating SEO-friendly headlines and creating more engaging social media posts.
While AI doesn’t replace reporters and editors, it streamlines tasks, allowing journalists to focus on in-depth reporting and uncovering stories beneath the surface.
Similarly, Greg notes that in public relations and marketing, AI accelerates content creation and improves quality. AI can generate press releases, LinkedIn posts, and even design templates, freeing up professionals to concentrate on strategic initiatives and client relationships.
However, both agree that AI cannot replace the human element of building relationships, sourcing information, and providing nuanced insights.
AI helps advisors prepare for the future of work
AI is not just about efficiency; it’s about expanding the scope of what advisors can achieve. Alex believes that AI will enable advisors to serve more clients, including underserved communities, by automating administrative burdens. This means advisors can spend the majority of their time—up to 90%—on providing valuable financial advice rather than on paperwork.
Greg shares an example of an advisor whose passion is financial literacy education for disadvantaged communities but lacks the time to pursue it. With AI handling routine tasks, advisors can engage in meaningful activities like community outreach, financial education, or simply spending more quality time with their families.
Tim adds that AI allows advisors to offer services typically associated with high-end family offices to a broader client base, enhancing their overall impact.
Key moments
- Alex’s journey from MIT to AI entrepreneurship (1:36)
- Will big tech enter specialized markets and upend startups? (5:00)
- How Vega Minds works (10:38)
- How AI enables advisors to serve more clients and communities (13:28)
- Brian explains the impetus behind the first AI conference in financial planning (20:16)
- Rapid AI adoption to meet client expectations (21:25)
- AI’s role in journalism and enhancing content creation (24:49)
- Tim shares his entrepreneurial journey and interest in AI (33:10)
- How Jump automates the meeting cycle for advisors (40:04)
- Tim shares his vision for AI freeing advisors to focus on client relationships (47:13)
