Fairfield, Iowa-based Cambridge Investment Research on Monday announced that it implemented an agentic AI-driven tool designed to help wealth management firms fully execute direct account openings more quickly.
The new “digital associate” tool provides in 17 minutes what “previously took a small team over nine days to accomplish – without compromising accuracy or precision,” the firm said, citing internal testing.
The new “back-office solution” has been in “testing and widespread use for some time to ensure it worked as expected,” a Cambridge spokesperson told WSR.
The AI-driven tool was trained “using the same materials as a human associate would be trained to complete these tasks within the account opening process,” the spokesperson said.
The spokesperson added, “No advisors use this tool; rather, it completes one aspect of the direct account opening process across all of Cambridge.”
“With the application of agentic AI, the future of wealth management will see advisors and associates spending less time on administrative tasks,” according to Sean Van Moorleghem, Chief Technology Officer and Executive Vice President of Cambridge.
“Our goal is not to replace associates, but to allow them more time to deliver high-quality, personalized service to more clients.”
He added, “While we are still in the early stages of rolling out our Cambridge solutions, we’re thrilled to see such significant results. Our team has put the work in, partnering with AI experts for product development, conducting constant beta testing and fine-tuning these tools to perform consistently at the highest levels of accuracy.”
In developing the technology for the new tool, Cambridge said it followed the same approach that it used for its existing generative AI tools.
Cambridge’s digital associates are initially limited to direct account opening, but the firm said it aims to expands its capabilities, with brokerage account opening ability near completion.
The company said it will create a team consisting of both human and digital associates.
“The timing of this advancement couldn’t be better,” according to Valarie Vest, Chief Experience Officer and Executive Vice President at Cambridge.
She explained, “We’re enjoying incredible recruiting success, and having this productivity-building resource at our disposal allows us to get advisors up and running in our system quickly while still having the capacity to provide hands-on support for the more complex aspects of their transition.”
“Our ongoing investment in innovation enhances our culture and ability to deliver the level of support our advisors deserve,” said Vest. “The incredible work of our technology team will push us further, enabling our associates to do more, expand their skill sets and enjoy a more fulfilling and collaborative work environment.”
Cambridge announced in March that it added Van Moorleghem, a former Charles Schwab and TD Ameritrade executive, to serve as CTO and EVP. He was tasked with overseeing the development and execution of products, services and systems to support firm and advisor growth. In addition, Van Moorleghem joined Cambridge’s Executive Council.
Jeff Berman, Contributing Editor and Reporter at Wealth Solutions Report, can be reached at jeff.berman@wealthsolutionsreport.com.
