The case for deploying AI in wealth management: Experts see vast potential for artificial intelligence helping - rather than replacing - financial advisors

The pilot group of early adopters includes giant turnkey investment technology firm AssetMark, independent wealth management company Steward Partners Global Advisory and RIA firm Shufro Rose & Co. That rollout followed an announcement that asset management firm Franklin Templeton and AI wealthtech company TIFIN collaborated on a new chatbot service for 401(k) and other retirement plans. The system will give the 401(k) sponsor and its advisor a view into how much the plan participants are contributing and receiving in matching payments, automatically display what their accounts could look like at age 65 and answer questions, said Marc McDonough, the chief operating officer and president of TIFIN @ Work. "Diversifying revenue streams to better weather challenging market conditions is an economic imperative for wealth managers," he said.