If used right, artificial intelligence can provide a gigantic competitive advantage.
Mike Byrnes, owner of Byrnes Consulting, LLC, wrote a Rethinking65 article entitled, “An RIA’s $50 Million AI Investment Influenced by Sinatra and the iPhone.”
Here are some of the highlights from the conversation with Savant Wealth Management CEO Brent Brodeski:
- Advisors might only spend 15% of their time advising.
- AI can help advisors focus on client relationships, planning and strategic advice.
- An AI strategy needs to go beyond adding AI tools to an existing tech stack.
- An AI operating system can be designed to unify data, workflows and user experiences across a business.
- AI can help deliver a positive return in four ways:
1. organic growth – stronger retention, more referrals, greater wallet share, and improved pricing power
2. operating leverage – more clients per advisor means fewer hires needed
3. acquisition growth – AI capabilities can be a differentiator for recruiting other advisors
4. intellectual property – proprietary capabilities can increase enterprise value
One RIA believes investing upwards of $100 million over three years can generate huge dividends in the future.
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Watch the full interview here:
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