AI Use Cases, Today and Tomorrow (Part I): Automation for Aggregation

In wealth management, the reliance on data has increased exponentially in the last five years. Advisors use more data to inform their client conversations than ever before. Advisors need the information to provide sound advice to their clients, which requires aggregating data from a multitude of sources. To date, much of advisory firms’ data aggregation has involved undertaking tedious manual processes. Manual operations are notoriously tedious, error-prone, and expensive. As firms look to grow in this reality, artificial intelligence (AI) is a powerful tool. AI, which includes technologies such as machine learning (ML) and natural language process/generation, brings advisors solutions to their challenges concerning error reduction and growth.

Who Uses AI for Aggregation and Why?

Advisors who serve Ultra High Net Worth (UHNW) and institutional clients are often the first to take on a digital transformation. Their clients are the most likely to hold assets with various custodians, which makes it hard to see the total wealth picture. Manual aggregation of their assets is both error-prone and time consuming. Homegrown solutions face significant compliance exposure, and there are regulatory concerns as well. Manual operations are difficult to scale, they are unable to process complex statements, and they are often inconsistent.

Accounts that AI could be a good fit for:

  • SMA, UMA, Brokerage accounts
  • DC and DB Plans
  • 529 Plans
  • Alternative Investments

How AI Helps Advisors Improve Client Experience and Realize Growth

With the help of AI-driven automation, advisors can refocus their resources and attention on value-adding tasks such as client experience relationship building and prospecting new clients for future growth.

Intelligent automation means they can finally scale a number of critical functions, including:

  • Classifying and extracting data from various documents
  • Performing automated reconciliation
  • Employing a range of automated quality checks

With better views of clients’ total wealth picture and analyses of their structured and unstructured data, advisors can create better investment strategies for their clients and offer clients more accurate and informative reporting.

With the reduction in manual tasks comes a significant improvement in accuracy and efficiency. This gives firms more opportunities to scale by allowing time for advisors to focus on their clients.

The Power Behind the Machine

First Rate DAAS is powered by our AI engine, ArtIE, which is designed to ingest and consume any type of data from a variety of unstructured sources, including PDFs, electronic images, HTML files, loan documents, scanned files, and much more. ArtIE’s intelligence is limitless and continues to evolve and become more intuitive the more data that it consumes. This data outputs to a dashboard in any format needed with the ability to search and query the data at any time. This allows wealth managers to have the data they need at their fingertips with confidence in accuracy and reliability.

For more information about DAAS, see our services page.

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