Wealth management is teetering between cautious adoption and total transformation around AI. But the firms that succeed won’t rely on generic tools. They’ll embrace AI tailored to their strategies and clients’ needs.
Spenser Segal, Founder and CEO of ActiFi, joins Greg Matusky on The Disruption Is Now to break down where AI fits today, what’s holding firms back, and what the future holds for advisors who are ready to evolve.
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Key takeaways
AI adoption in wealth management is slow but inevitable
Segal explains that firms’ current use of AI is basic: Advisors are using note-taking apps, Grammarly, and general-purpose AI for content creation or research. While these tools save time, they’re not expanding advisors’ capabilities.
Segal predicts this will shift as specialized AI tools emerge, helping firms move from surface-level applications to deeper integrations that improve workflows and decision-making.
General AI won’t work for wealth management. Specificity is key.
Relying on generic AI models like ChatGPT or Google’s Bard isn’t enough for wealth management. Segal uses a medical analogy to make this clear: Would you trust a general practitioner to perform brain surgery?
In the same way, firms need AI models that are highly specialized and fine-tuned to their data, philosophies, and strategies. For instance, a firm focused on passive investment strategies will need a tool trained on data and processes that align with that philosophy, while a firm prioritizing active management or insurance integration will require a completely different AI model.
Segal predicts firms like Morgan Stanley or Ameriprise will build their own proprietary models, while smaller firms will turn to white-labeled, pre-trained solutions customized to their needs.
AI will enhance human relationships, not replace them
Advisors can use AI to handle time-consuming tasks, like gathering data, preparing client meeting reports, and automating repetitive workflows so they can focus on meaningful, human conversations with clients.
AI does the groundwork so the advisor can spend more time building trust and addressing the personal and emotional aspects of wealth management that clients value most.
Change management is the real challenge
Segal identifies a key barrier to AI adoption: people. Many advisors are skeptical, comfortable with their current processes, or unsure how to use AI effectively.
Segal recommends firms start with a “coalition of the willing” — advisors who are curious about AI and ready to experiment. Once their peers see the efficiency gains and success stories, they’ll be more likely to adopt AI themselves. To support this shift, firms need to provide ongoing training and give advisors the time and space to experiment.
The future is world-class advice for everyone
If you want world-class, fully integrated financial advice today, you need family offices charging tens or hundreds of thousands of dollars annually. Segal believes AI will change this. By automating complex tasks, AI can make top-tier advice scalable and affordable for more clients.
Key moments
- Four stages of tech disruption in wealth management (1:52)
- AI’s limited role today and its future potential (2:38)
- The importance of proprietary AI models tailored to firm philosophies (5:35)
- Generative AI vs. agentic AI for wealth management (12:27)
- What the advisor ecosystem looks like (13:41)
- Why human relationships will remain central in wealth management (15:53)
- Change management and building a “coalition of the willing” (20:06)
- AI’s potential to make world-class financial advice accessible to more clients (25:36)
