Artificial intelligence is rapidly reshaping wealth management. Generative AI tools like ChatGPT have sparked intense conversations about AI’s potential and accelerated a wave of innovation. For wealth managers and advisors, the question isn’t whether AI will redefine the industry—it’s how.
TIFIN is an AI-based innovation platform that aims to create better wealth outcomes by addressing core challenges in wealth and asset management. Supported by firms such as J.P. Morgan, Morningstar, Franklin Templeton and Hamilton Lane, TIFIN has built a portfolio of solutions, including Magnifi, TIFIN Wealth, TIFIN GIVE, TIFIN Sage, Helix, TIFIN AG, and TIFIN AMP. TIFIN successfully sold 55ip to J.P. Morgan and spun off Paralel earlier this year.
To explore how AI is shaping wealth management and what’s ahead, we sat down with Rob Pettman, President and Chief Revenue Officer at TIFIN, who joined the firm in April. Pettman has nearly two decades of experience at LPL Financial, where he served as EVP of Wealth Management Solutions for over nine years. His tenure there included oversight of investment product distribution, advisory platforms and strategic partnerships.
Pettman shares his perspective on how AI empowers wealth managers, his vision for the future of wealthtech and what inspired his transition from a large enterprise to lead an AI-based firm like TIFIN.
WSR: What motivated you to transition into a firm specializing in AI for wealth management?
Pettman: I was drawn to this opportunity because I’m always excited by the potential to solve challenges that previously felt out of reach. AI opens up possibilities for removing longstanding frictions in wealth management, making it simpler for advisors to provide high-quality, accessible advice to a broader audience.
From my perspective within wealth management, I’ve seen the entire advisory supply chain and its complexities, and I believe this technology can significantly streamline processes, improve client outcomes and ultimately drive meaningful industry change. Joining this field felt like the perfect way to leverage my skills to help shape the future of wealth management.
I believe this technology can significantly streamline processes, improve client outcomes and ultimately drive meaningful industry change.
WSR: How can AI help advisors and enhance client relationships and grow wealth enterprises?
Pettman: We’re at an incredibly exciting point in the industry as firms transition from piloting AI tools to realizing tangible commercial benefits. Within TIFIN, we see how impactful AI can be for advisors: Those using TIFIN AG’s AI-powered growth solutions to deepen existing relationships are successfully bringing in new assets in one out of every four opportunities presented to them.
TIFIN @Work leverages AI to drive higher engagement from retirement plan participants, ensuring that employees with specific financial needs, such as retirement planning or wealth management, are seamlessly matched with advisors who can assist them.
In fact, one plan sponsor’s HR manager thanked us for saving 75% of her day previously spent answering benefits questions. This not only enhances financial outcomes for participants but also creates new growth opportunities for advisors.
These are just two examples amplifying the strong business value AI can unlock. As we progress, we’re confident that by 2025, even more AI solutions will prove their worth, transforming how advisors connect with clients and enhance their relationships.
WSR: What trends are you seeing with AI and the wealth management industry?
Pettman: The wealth management industry is at a pivotal moment with the rise of AI. An Accenture study showed that 98% of advisors believe AI will transform how advice is generated and delivered. The sector is increasingly adopting data-driven AI solutions to enhance personalization and scalability, favoring hybrid models that combine digital tools with human expertise. There’s also a push to make advanced AI accessible to mid-sized and smaller firms that have faced resource challenges.
However, implementation often lags behind enthusiasm, primarily due to unclear AI adoption processes. Successful integration requires clearly defined objectives aligned with strategic goals and early involvement of cross-functional teams to ensure technology fits existing workflows. Common mistakes include treating AI as a one-size-fits-all solution and neglecting legacy system integration. Additionally, firms must invest in training to bridge the gap between AI capabilities and advisor understanding.
TIFIN aims to tackle these challenges by focusing on structured implementation and results-driven strategies, helping firms transition from concept to actionable, client-centric AI solutions that boost efficiency, enhance client relations and drive growth.
WSR: What’s next for AI and the wealth management industry?
Pettman: First, in 2025, we’ll likely witness a surge in adoption as pilot programs shift to production. However, some of these efforts will encounter challenges, as wealth management’s complexities and high accuracy standards will result in some failures. Second, AI governance is poised to make meaningful strides. As firms refine and streamline their processes, they’ll build greater confidence in integrating AI into their operations.
In 2025, we’ll likely witness a surge in adoption as pilot programs shift to production. However, some of these efforts will encounter challenges.
Finally, we’ll start seeing the next wave of innovation taking shape. With each successful solution, we create a platform for further advancements, allowing incremental solutions to build upon the foundation and expand the impact of AI in the industry.
Julius Buchanan, Editor in Chief at Wealth Solutions Report, can be reached at jbuchanan@wealthsolutionsreport.com.
