In 2023, more than half of clients left their wealth manager or advisor because they felt ignored, neglected, or received generic advice. Now, with the largest wealth transfer in history on the horizon, the stakes to win and keep clients have never been higher. An estimated $72 trillion is set to shift from Baby Boomers to younger generations in the next 20 years. Is your firm ready?
To succeed, wealth management firms must deliver compliant, client-focused experiences at scale. Yet, with growing client demands, complex products, and evolving regulations, your teams are already stretched thin. So how do you stand out in this highly competitive market? How do you empower your team to build trust, drive engagement, and grow assets under management (AUM)?
Prepare for the demands of today’s investors by combining human connection with modern technology like AI in wealth management. Here’s how.
How AI in wealth management enhances compliance and builds client confidence
Keeping up with constant regulatory changes from FINRA, SEC, IIROC, and FCA isn’t easy. A missed update or compliance oversight could result in steep fines or reputational damage. Meanwhile, your asset managers and financial advisors are expected to create compliant documents quickly and efficiently. How much time do they spend chasing data, navigating legal bottlenecks, and tweaking templates to meet every requirement?
Automation and AI can help wealth management firms improve efficiency. Tools like Highspot AutoDocs make it easy for teams to create compliant proposals and presentations from approved templates in just a few clicks. Highspot can automate manual administrative tasks and verify every document for compliance before it goes out, securely archiving it for future access. With the ability to easily retrieve a full history of updates and approvals, your firm’s compliance department is always audit-ready.
But compliance isn’t just about tools. It’s also about knowledge. With AI-driven tools like Instant Knowledge Checks and tailored coaching, your wealth management team can keep up with the latest compliance standards and become industry experts.
Build expertise to win client trust
Trust is a major challenge in wealth and asset management. A 2023 survey revealed that only 20% of American consumers trust financial institutions, down from 28% in 2021. To build trust, wealth managers need to know complex products, strategies, and regulations inside and out. They also need to confidently address client questions and offer personalized guidance.
AI in wealth management bridges the trust gap by equipping wealth managers with tools to build expertise. Intelligent Search and AI-powered content management empower your team to quickly find compliant materials, product details, and tailored presentations. No more hunting down resources or accidentally sharing outdated information.
Highspot’s AI-powered sales coaching also empowers leaders to deliver effective coaching at scale and save hours with AI-driven feedback and reviews. Let AI take care of the busy work so your wealth managers and leaders can spend more time connecting with clients.
Embrace technology to create seamless experiences
You must embrace AI tools in wealth management to create seamless, client-centric experiences. Yet, Salesforce reports that 76% of executives are struggling to deploy AI effectively. Many companies have too much data spread far and wide across disconnected systems and departments. Complex processes across a wide range of teams make change, and change management, difficult. Sound familiar?
Highspot’s unified, AI-powered platform provides personalized, data-driven insights that solve common business challenges. With seamless integrations to tools like Salesforce and Microsoft Dynamics, Highspot keeps your team in the flow of work. No more switching between platforms or hunting down siloed data. Your wealth managers always have the right information at their fingertips.
With data-driven insights, you can identify new pipelines, expand AUM, or uncover new ways to cross-sell. For example, Highspot analyzes engagement across client touchpoints and offers actionable insights for improvement.
Focus on the human connection to build stronger client relationships
At its core, wealth management is about relationships and client engagement. Clients want to feel heard, valued, and supported. Building trust means listening to their goals, communicating often, and putting client needs first. While technology can’t replace these relationships, it can amplify them.
One of the most powerful use cases for AI in the wealth management industry is the ability to deliver real-time guidance during client meetings. Imagine having instant access to detailed client insights—investment history, preferences, and tailored recommendations—right as the conversation unfolds so every interaction feels personal.
Tools like Highspot’s Digital Sales Rooms are another way to provide customized service. These rooms give wealth managers a personal place to share tailored content like case studies and videos and better engage with clients. With built-in sales content analytics, your wealth managers can see exactly who viewed what content to better gauge client interest and refine their approach so every interaction adds value. By combining personalization and empathy, your team can build lasting relationships that set them apart.
Real-world success: How Osaic Wealth achieved 95% quota attainment with Highspot
After multiple acquisitions and a company-wide rebrand, Osaic Wealth needed to unify 11,000+ professionals. Their old tools made it hard to find content, track content engagement, and stay consistent with messaging. These challenges hurt compliance, client engagement, and efficiency.
Switching to Highspot changed all that. With AI-powered search, a central content hub, and Salesforce integration, Osaic’s reps always have the right materials. Customized sales plays and detailed analytics help teams better engage clients and focus on high-priority leads.
The outcome? A 95% jump in quota attainment, 74% higher win rates, and 36% bigger deal sizes.
Ready to empower your team with AI tools in wealth management?
With AI-powered tools, wealth managers can balance customization, compliance, and engagement to deliver exceptional client experiences.
As the only natively built, unified platform for GTM enablement, Highspot empowers financial organizations to stay compliant, build trust, and drive sustainable growth. With seamless workflows, actionable insights, and AI-powered coaching, Highspot ensures your wealth and asset management team is ready to succeed and capture a large share of the $72 trillion great wealth transfer.
