John O’Connell, Founder and CEO of The Oasis Group, joined Keith Black, Managing Director of RIA Channel, to discuss how his team evaluates the AI applications available from wealth technology firms.
The Oasis Group helps IBDs, RIAs, and wealth management firms with their data and their go-to-market strategy. Many firms are looking for “riches in the niches” by specializing in serving a specific client type. The sales and marketing strategy is derived from their unique value proposition.
Many wealth technology firms also struggle to define their unique value proposition and differentiate themselves from their competitors. The key to connecting with advisors is to show what business problems can be solved by your technology application.
The Oasis Group regularly publishes an AI in Wealth Technology Map. The map lists leading providers of artificial intelligence software solutions for prospecting, writing assistants, notetaking, proposal generation, investment research, portfolio creation, compliance, and more. The Oasis Group has viewed software demos from all 77 firms on the map. Firms are only added to the map once they are ready to add value to a financial advisory firm.
Once advisors subscribe to enterprise large language models, any data marked as private will not be used to train the AI models. O’Connell encourages advisors to experiment with artificial intelligence now so they can be ready to implement the technology in the near future. Leaders of advisory firms must realize that the majority of their team are already using AI technology but without guardrails. This means that each firm should craft an acceptable use policy for artificial intelligence in the workplace. It is easy to find training on AI tools, as ChatGPT will train users on how to write better prompts to use the tool more efficiently. Advisors may also wish to ask their team about the preferred use cases, as they have already been likely thinking about the specific business tasks they would like AI to assist with.
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