Set against the backdrop of revolutionary advances in AI, the human touch is not only essential in relationships between advisors and clients – it’s essential in the employer-employee relationship. At the same time, the modern human resources department has already been augmented by AI-powered tools. As the wealth management industry looks to work out the balance, we speak with experts about the intersection between AI and HR.
How AI Is Reshaping The Human Resources Landscape
In order to understand how AI is changing human resources across multiple aspects including hiring, employee satisfaction and retention, training and requirements for employment, we spoke with Sindhu Joseph of CogniCor, Megan Glover of EP Wealth, Elizabeth Hioe of Mercer Advisors, Luke Winskowski of 49 Financial and Cecile V. Munoz of U.S. Executive Search & Consulting.
Companies are integrating AI into human resources activities, but will not replace the human element, according to the experts.
Regtech Surge: 5 Ways For Lean RIA Teams To Stay Compliant
In this month’s Regtech Surge, Sid Yenamandra of Surge Ventures addresses how technology can empower and modernize the compliance efforts of small RIA teams.
In compliance as in other arenas, technology is “democratizing” the field by putting large-scale power in the hands of smaller players.
Improving Retention By Supporting 401(k) Account Consolidation
Spencer Williams of Portability Services Network and Retirement Clearinghouse explains why 401(k)s are often cashed out rather than moved and how automatic portability can provide benefits to advisors, clients and plan sponsors and recordkeepers.
Williams says solving this problem for clients can strengthen client retention and allow advisors to demonstrate value.
Deals & Recruiting Roundup
This week’s roundup includes acquisitions by EP Wealth, SEI and Osaic; a minority stake by Merchant; Summit investing in four firms; recruiting by NewEdge, Ameriprise, LPL, Cetera and Steward; the launch of Adam Spiegelman’s RIA; and Coldstream’s executive appointments.
Notably, SEI bought a majority stake in Stratos Wealth Partners, with $37 billion in assets, for $527 million, with options to acquire the rest of the equity.
AssetMark Expands Into Private Markets
AssetMark announced that it will expand into alternative asset classes, with private markets capabilities to be made available to advisors in the fourth quarter of the year.
The private markets trend is raising table stakes for firms of all types, including TAMPs.
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Larry Roth
CEO
Wealth Solutions Report
