Insight into the emerging role of artificial intelligence in the wealth management industry.
By Tara Wells, Director, Product Management & AI Enablement, RBC Clearing & Custody
Artificial intelligence (AI) is becoming an essential technology for financial advisors. As a strategic enabler, AI can enhance efficiency and drive smarter decision-making, allowing advisors more time to deepen client relationships. However, it’s important to leverage this emerging technology responsibly and thoughtfully, balancing innovation with our industry’s governance requirements.
The reality is that around 70 percent of wealth management firms struggle with consistent growth, based on research conducted by Tifin AG. That’s why focusing on using AI not to replace human interaction, but to enhance advisor performance through targeted insights and timely engagement, is so critical.
Aimed at delivering actionable intelligence to help wealth managers grow, AI-powered technology can help advisors identify “money in motion”—opportunities where clients may be consolidating assets.
The power of AI lies in its ability to assess multiple behavioral signals. It’s not just one data point, but the interplay of several factors that signal when a client may be ready for outreach. When AI is integrated into systems, it can learn from advisor success, getting smarter with each interaction.
These insights empower advisors to act in real time—reaching out when the data indicates a moment of opportunity, rather than waiting for a client’s annual review. Early results at RBC Wealth Management showed one in every four flagged opportunities has resulted in additional assets. That’s real growth.
Advisors spend valuable time on administrative follow-up—time that could be spent with clients. An AI meeting assistant can support productivity throughout the lifecycle of a client meeting. From client meeting prep with suggested conversation starters to capturing the discussion content of virtual, in-person and phone-based conversations, and generating action items, notes and summaries.
These tools can help standardize notetaking, reduce risk and streamline workflows across advisor teams. They also help ensure consistency for compliance and supervision purposes. Look for tools with SOC 2 Type 2 certification, which indicates robust security controls are in place to help protect sensitive customer data. Integrations are key to getting the most value and efficiency, including your calendar, CRM and planning systems.
Another tool for consideration are AI-powered wealth planning platforms. They analyze uploaded documents—tax returns, estate plans, insurance policies, etc.—and surface personalized planning recommendations using AI trained on industry expertise. Some platforms also include prospecting or proposal tools for added value. These tools can help advisors deliver comprehensive, high-value advice at scale, especially as client needs evolve.
Looking ahead, wealth management firms and advisors should focus on strategic, secure and scalable AI tools that integrate with existing workflows and uphold the high standards of our industry, concentrating on effectiveness versus flashiness. AI is most powerful when it strengthens human expertise. This should be a guiding principle as advisors navigate complexity, deliver value and grow with confidence in an AI-enhanced world.
This article originally appeared as part of WealthManagement.com’s 2025 Midyear Outlook.