The wealth management industry is on the cusp of a revolution, driven by the increasing adoption of artificial intelligence (AI) technology. One of the key areas where AI is making a significant impact is in automating manual tasks, reducing costs, and improving efficiency.
## AI-Powered Efficiency: A Game-Changer for Wealth Management Firms
Wealth management firms are under pressure to deliver high-quality services to their clients while reducing costs and increasing efficiency. AI technology is helping firms to achieve this goal by automating manual tasks, such as data collection and client onboarding. For example, Docupace, a back-office technology provider, has announced that its AI-enabled platform has eliminated over 200,000 hours of manual tasks and automated approximately 4 million tasks across all its customer firms in 2025.
This represents a significant improvement in productivity, with advisors reclaiming $45,000 worth of their time on an annual $1,000 spend for PreciseFP, an AI-enabled client data gathering and onboarding platform. Hubly, a workflow automation subsidiary of Docupace, has also reported significant improvements in its users’ productivity, with a 57% and 69% year-over-year increase in workflows and individual tasks completed, respectively.
## AI-Driven Innovation: A Bright Future for Wealth Management
The adoption of AI technology is not limited to automating manual tasks. Firms are also using AI to drive innovation and improve client outcomes. For example, Asset-Map, a popular visual financial planning application, has integrated with Jump, an AI-driven notetaking, meeting, and communication automation provider. This integration allows mutual users to leverage Jump’s AI technology to capture and process client meetings, automatically extracting prioritized insights and intelligently suggesting updates within the Asset-Map household framework.
This is just one example of the many innovative applications of AI in wealth management. With the increasing adoption of AI technology, we can expect to see even more exciting developments in the coming years. Whether it’s automating manual tasks, driving innovation, or improving client outcomes, AI is revolutionizing the wealth management industry and setting it up for a bright future.
## The Future of Wealth Management: Embracing AI-Powered Efficiency and Innovation
As the wealth management industry continues to evolve, it’s clear that AI technology will play a key role in shaping its future. By embracing AI-powered efficiency and innovation, firms can improve their productivity, reduce costs, and deliver high-quality services to their clients. Whether you’re a seasoned wealth management professional or just starting out, it’s essential to stay ahead of the curve and explore the many exciting applications of AI in your industry.
The revolution is here, and it’s time to get on board.
