Six AI capabilities advisors say they need — but don't have

Core Insights - The wealth management industry is expected to undergo significant transformation due to artificial intelligence tools that enhance administrative efficiency and investment planning capabilities [1][2]. Group 1: AI Tools and Advisor Needs - Advisors are seeking AI solutions to streamline daily operations, particularly in areas like client onboarding, dictation, note-taking, and project management [3][6]. - There is a notable demand for agentic AI, which can autonomously handle complex tasks without human oversight, reflecting a shift in how companies perceive AI's role in the workplace [3][4]. Group 2: Understanding Agentic AI - The concept of agentic AI is gaining traction, with experts emphasizing the need for advisors to grasp its implications beyond superficial understanding [4][5]. - An agent is defined as an AI system capable of accessing tools and executing complex tasks in a loop, which is crucial for firms to leverage AI effectively [5]. Group 3: Portfolio Management and Analytics - Advisors express a strong interest in AI advancements in portfolio management and analytics, aiming to automate traditionally manual processes [6]. - Desired capabilities include the use of natural language processing for financial planning and analysis, as well as streamlined construction and management of custom portfolios through AI [6].