From “Andi to “Steve”: The Rise of AI Assistants
The surge in artificial intelligence (AI) assistants in the wealth management space reflects the industry’s push for efficiency and scalability. Advisors face increasing demands to manage larger client bases while delivering personalized service. AI assistants analyze vast datasets in real-time, streamlining tasks like retrieving vendor information, navigating compliance forms, summarizing meetings, and more.
The global market for AI in wealth management was valued at $3.4 billion in 2024 and is projected to reach $920.5 billion by 2034, with a compound annual growth rate (CAGR) of 26.92%. Specifically, AI-managed assets, including those handled by robo-advisors, are expected to surge to $5.9 trillion to $6 trillion by 2027, nearly doubling from $2.5 trillion in 2022.
Meet “Steve”
Carson Group’s AI assistant “Steve,” for example, assists advisors in locating vendor partner information, Carson tools, and essential forms—offering step-by-step guidance on demand. Carson Group estimates that Steve AI will save the average advisor five minutes per search, potentially saving over 5,000 hours per year. Additionally, it is expected to double the number of households advisors can serve within five years.
Leanne Ball, VP, Data & Analytics at Carson Group, told Connect Money that given the advances of AI, some attainable use cases include, “Conversational agents that connect information across systems, saving time by providing insights into processes, client details, and relationship history; meeting transcription and preparation to help advisors maximize valuable client interactions; document interaction and comparison to streamline review of complex materials like estate plans, insurance policies, and benefits packages; persona-based content ideation to ensure content resonates with specific target audiences; and personal development and career coaching to support ongoing advisor growth and skill development
John Stevens, VP of Data & Analytics at Advisor360°, added that “AI assistants in wealth management are rapidly evolving beyond basic automation like scheduling and reminders. Our recent market research showed that advisors’ top request for AI assistants is predictive analytics.” Advisor360° unveiled Parrot AI, its own AI assistant for advisors, earlier this year.
Meet “Andi”
Other AI players on the scene include Allvue Systems, which has unveiled “Andi,” a browser-based AI assistant that provides comprehensive product guidance and navigation support across Allvue’s Credit Front Office suite, including portfolio management, research management, trade order management, compliance, and fund finance. And Morgan Stanley has introduced an AI assistant to reduce clerical work by summarizing meetings, freeing advisors for client engagement.
Additionally, Cetera Financial Group and Jump, an AI solutions provider for financial advisors, forged a strategic partnership to embed its AI-powered meeting assistant into Cetera’s operations. Jump’s platform automates meeting documentation, CRM updates, compliance logging, and follow-up tasks, freeing advisors to prioritize client relationships while boosting operational efficiency.
“The Andi AI assistant is the first step toward an intelligent future where software proactively supports the full investment lifecycle,” said Ivan Latanision, chief product officer at Allvue.
Macro trends, such as digital transformation and competitive pressures, further fuel adoption, enabling firms to handle complex portfolios and compliance tasks with precision.
“They [advisors] want AI to help transform vast amounts of data into actionable insights that can help them personalize advice and improve portfolio performance,” said Stevens. “Advisors won’t forget tasks, their relationships with clients will improve because the AI assistant will remind them about the human elements, and “I’ll get back to you” will disappear as conversations become more dynamic.”
A recent Accenture survey of 500 financial advisors in North America found that 90% believe AI can grow their book of business by over 20%, with 92% noting their firms have taken steps to implement AI strategies. This reflects a strong alignment between advisors and executives on AI’s potential.
Carson Group’s Ball said the future lies with agentic AI; systems capable of autonomously taking action to optimize workflows, enhance decision-making, and personalize user experiences.
Earlier this month, Vanguard launched its first client-facing Generative AI (GenAI) capability, designed to provide financial advisors with efficient, personalized content for client communications. The new tool, Client-Ready Article Summaries, generates customizable synopses of Vanguard’s most-read market perspectives, tailored by financial expertise, investment life stage, and preferred tone.
“The best advisors can get even better with AI in their client toolkit,” said Sid Ratna, head of digital and analytics for Vanguard Financial Advisor Services.
Collaboration Rather than Human Replacement
The question that seems to arise, however, is how do AI assistants compare to traditional methods, and will they replace human advisors? AI assistants offer efficiency, scalability, and data-driven insights that can enhance traditional advisory methods, but they are unlikely to fully replace human advisors, according to Stevens and Ball.
Stevens told Connect that the future likely lies in collaboration, rather than replacement. AI-powered tools can support advisors by enhancing research, automating portfolio management, and streamlining communication, allowing advisors to focus on strategic planning and relationship management.
“AI assistants won’t replace human advisors—they’ll empower them. Traditional methods rely heavily on data entry, time-intensive research, and disconnected systems. But AI requires thoughtful management—these assistants will only be as effective as the advisor or team leveraging them.”
Ball echoed Stevens’ view, stating, “AI assistants will complement human advisors—not replace them. The range of responsibilities advisors manage daily is vast, and AI can help them refine where energy should be focused to provide differentiated client experiences.”
“Ultimately, AI, alongside other technological advancements, will empower advisors to give each client personalized attention—making every client feel like their only one—while handling a larger client base than ever before.”
Advisory firms integrating AI can offer more informed and proactive guidance, combining data-driven insights with human intuition and experience. Ultimately, human interaction remains crucial, particularly in complex financial planning, regulatory compliance, and emotionally driven investment decisions.
