When it comes to artificial intelligence, advisors are ready to go all-in.

That was the takeaway of new research from consulting firm Accenture. In a survey of 500 financial advisors in the United States and Canada earlier this year, wealth managers showed great enthusiasm and readiness for AI, and they’re excited about how it may change the industry.

About 83% of advisors polled believe AI will have a direct, measurable and consistent impact on the client-advisor relationship sooner rather than later. More than 90% say their firms have already taken steps to act on their AI strategies.

But it’s not all good news for AI proponents. Five out of 10 advisors feel like their firm’s traditional culture is holding its AI vision back. Scott Reddel, North American wealth management lead for Accenture, spoke to Financial Planning about the potential and the pain points. Read the full story for more data and to see how companies like Catchlight Insights are already putting AI to work. 

Speaking of AI, meet Carefull, a fintech focused on the eldery and those who manage their money that leverages rule-based AI to spot spending irregularities. Founder Todd Rovak said there are about 45 million people in the U.S. who oversee the finances of an older loved one. But those folks often have no access and no guidance. 

“I've never seen a more underserved human being in financial services and planning than a financial caregiver … somebody that's been pulled into this with no tools, no permissions, no experience, no help. Nothing.”

To that same end, advisors are limited in their ability to help. But via a mobile app, Rovak said Carefull empowers all of the stakeholders while helping the aging loved ones maintain their dignity. Check out the full story and more at Financial Planning.

Anything else on your mind? Drop me a line at justin.mack@arizent.com. Have a great rest of the week!

Regards,

Justin

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