Almost every industry is adopting AI, for better and for worse.
But in the world of wealth management, AI is helping advisors give their clients better advice, faster than ever — without charging 1% of your assets every year.
It’s smart to be skeptical of AI, especially when it comes to managing your money. But here are some ways it’s actually making wealth management better.
What AI is really doing behind the scenes
Wealth management firms aren’t letting AI move your money or change your financial plan.
Instead, some use it to:
- Pull data from all your accounts and provide an overview
- Run simulations to show how different financial plans might play out
- Create presentations for meetings, as well as recaps
- Scan company filings to surface investing insights
You and the financial pros you work with are still in control.
How AI can save clients money
In traditional wealth management, advisors spend hours crunching numbers, running models, prepping meetings, and so on. All of that work comes at a cost.
With the help of AI, advisors can save time and serve more clients.
That doesn’t mean fees are dropping across the industry, though. The big firms are not rushing to pass savings on to customers. However, some newer services are using AI and similar technology to save clients real money.
One example is Range, which offers both real financial planners and a sophisticated AI chatbot, known as Rai. Unlike, say, ChatGPT, Rai has access to the proprietary tools used by Range’s CFPs — and to your financial information.
That means it can answer questions such as:
- “What should I do with my equity compensation?”
- “Do I need to pay quarterly taxes?”
- “Should I rebalance my portfolio?”
Range says Rai correctly answers about 95% of CFP-style practice questions — and it’s available to clients 24/7. Financial planners are still on hand whenever they’re needed.
As for the cost? Range offers end-to-end wealth management for a flat fee ranging from $2,950 to $9,950 per year. For high-net-worth individuals, that’s a bargain compared to an assets-under-management fee, which only rises as your portfolio grows.
You can book a free demo with Range to find out how they can help you manage your investments, taxes, retirement plan, real estate, and more.
Watch out for “AI” hype in wealth management
In the ongoing AI arms race, everyone and their uncle is claiming to use AI to provide better services. But “AI” might really refer to things like algorithm-based investing (i.e., “robo-advising”) or customer service chatbots — not exactly cutting-edge technology.
Make sure you understand exactly what you’re getting and avoid falling for marketing hype.
Know when to turn to a human for advice
According to Northwestern Mutual, most Americans trust humans more than AI for financial advice. However, most of them want a financial advisor who understands and uses AI.
I think that’s a very healthy mindset.
AI is great at math, pattern recognition, modeling, etc. Humans are better at understanding your personal needs and explaining your options in a way that you understand. Plus, we still need real human experts to check AI’s work.
Today’s best wealth management services offer both.
Take the guesswork out of your money.
Range’s AI-enhanced platform lets you see all your accounts in one place, get proactive insights, and work with real financial planners to make confident decisions.
Join Range today and unlock smarter money management powered by AI and human expertise.
