Since artificial Intelligence (AI) burst into the wealth management world in 2022, it has become nearly inseparable from any discussion surrounding technology. But while AI has rapidly become an invaluable tool for advisers, a wide range of technology development, such as low-code development and all-in-one adviser desktops have largely flown under the radar.

While AI has proven extremely useful to wealth management, Georgios Lekkas, Innovation Director at Objectway, says that combining AI with less headline-producing technologies is the best way forward for firms. Lekkas suggests that not all adviser-related challenges can be addressed by AI, emphasising the need for advisers to be flexible with their technology implementation.

“We do not view AI in isolation but as one of many tools in our innovation toolbox. We adopt a solution design approach that prioritises our clients’ business goals over the hype of individual technologies,” Lekkas said in an emailed statement. “Sometimes AI is the right fit; other times, it is a combination of advanced analytics, automation, or platform enhancements. The key is flexibility and purpose-driven innovation that we pursue through our solution design approach, not only tech for tech’s sake.”

The addition of all-in-one desktops has allowed advisers to skirt menial administrative tasks, according to Lekkas, who suggests the desktops free advisors’ time to focus on working with clients, adding to their productivity.

While traditional CRM software is still a key aspect of maintaining close relationships with clients, Lekkas says the all-in-one desktop also streamlines the workflows of advisers.

“Today, increasing adviser productivity alone is not enough to meet client demand for personalised service,” he said. “Increasing advisers’ capacity to serve more clients and develop a deeper understanding of existing clients’ needs is critical to sustaining profitable growth.”

Low-code platforms has been another key addition to advisers’ repository according to Lekkas, who emphasises the simplicity of the product and its ability to extract client information from documents which would take hours to scan through manually.

“We have developed a project for a client where we used low-code to orchestrate a workflow on top of the client’s existing platforms to provide a comprehensive view of the client’s portfolio by analysing a variety of documents and extracting useful information about the portfolio from them.”

Lekkas says he has seen plenty of success from a hybrid digital advice model, where AI services are used in tandem with human expertise. Employing hybrid digital advice provides flexibility for a wide variety of client needs, according to Lekkas, with some clients looking for lighter adviser involvement and others seeking a more hands-on approach. He specifically identifies younger clients as a group that benefits from the hybrid model, as they are often more attracted to the self-service resource.

“Hybrid digital advice tools offer clients alternative ways to engage with advisers, creating personalised financial plans and investment management solutions. These tools can be client-directed, adviser-assisted, or fully adviser-led, depending on client needs,” he said. “This flexibility also meets the growing demand for hybrid engagement, particularly among younger clients who prefer a blend of self-service and adviser support.”

Lekkas adds, "Unlike a standard adviser desktop, an all-in-one adviser desktop platform provides a comprehensive view of client data and engagement. Most importantly, it reduces advisors’ participation in mundane, low-value activities and enables them to focus on higher-value-added work such as client relationships."

Read the original article here.