An excellent of the potential of AI to transform WealthManagement is this example of an AI from TIFIN AG highlighting to RBC Wealth Management that a client has had a major change in their life, specifically inheriting circa $1mn. Worth reading the details in this great story by Dan Shaw of Financial Planning. How far have you developed your plans to deploy AI in your firm? What are your favourite AI services? Please add your thoughts in the comments below. https://www.financial-planning.com/news/rbc-turns-to-ai-to-capture-more-of-clients-wallet-share

This post is going to be about data. It may sound boring... But I think it's actually quite important. Yesterday I had an intriguing conversation with Rick Burgess about data gathering, forms, CRMs, data flow... First and foremost there must be a single source of truth for data. Working with @Kate Guillen of Simplicity Ops for two years, I know that it should be the CRM. The CRM is the hub - everything flows from there. But lets think about this. Where does the data start? It starts with the client - they know their name, SSN, DOB, address etc. That data needs to get from the client to the CRM, ideally as efficiently as possible without multiple re-keyings. Enter tools like PreciseFP and OnBord which help to collect data from the client and push it to the CRM. PreciseFP has its own database, OnBord does not, it just pushes directly to the CRM. This part starts to get tricky, because when you have multiple databases with redundant data, then you start running into overwriting issues. Data entered into PreciseFP may overwrite something in your CRM, or data in your CRM may overwrite some financial planning data that's been painstakingly entered into your financial planning tool. I love the clean integration between OnBord and CRM where as soon as a field is filled out, it gets sent to the CRM so there is just one database... but... maybe something still gets overwritten, maybe the CRM is a mess. Who owns the data ON the form? Because more often than not, the data on the last best form that was filled out is the most accurate data. The CRM may or may not have been updated, or all the other places data was pulled to fill out that last best form.

I'm creating an advisortech survey, and a thought I had was to include ratings (out of 5) next to the tech options - based on ratings from the T3 and Kitces surveys. What do you think?

We will be running a session on the above at noon UK time tomorrow, so it’s 7 am East Coast, 4 am may be a bit early for the West Coast and while it is built around UK requirements the Corp principles of both good practice and due diligence probably should be the same globally. If you would like to join please click the link below, it’s free. https://www.tickettailor.com/events/thefinancialtechnologyresearchcentrelimited/1147295

Today I posted a list of AdvisorTech consultants on LinkedIn here. My goal for this list is to be a resource to firms that are looking to consolidate, transition, or optimize their AdvisorTech stack! Listed by LinkedIn follower count: - @Michael Kitces - 78,327 - @Ian McKenna - 23,520 - @Marc Butler - 15,182 - John O'Connell - 13,937 - @Jason Pereira - 9,713 - Joel Bruckenstein - 8,750 - Craig Iskowitz - 7,112 - Cameo Roberson - 5,780 - Kristen Schmidt - 4,836 - Bob Veres - 3,609 - @Michelle Odom - 2,647 - Charesse Spiller - 2,464 - Michael Whitman - 2,104 - @Stephanie Dannebaum - 2,033 - @Kate Guillen - 1,746 - Jessica Jones - @Heath Jackson - 1,578 - @James Cantwell - 1,567 - @Verity Larsen - 1,025 - @Arielle Minicozzi - 922 - @Nico DeMaio - 902 - Tad Herrington - 800 - @Meghan Rutherford - 582 - @Cooper Shubert - 537 - Jeff Rusin - 317 *Bento Engine is how you deliver advice to clients Proactively. Once set up, you'll automatically receive reminders in your CRM to reach out to clients/prospects about upcoming milestones along with all the information you need to deliver the best advice. Schedule a demo with Bento or reach out to advisor @Russ Thornton about his experience using Bento with his clients.