Independent RIAs are steadily integrating artificial intelligence into their practices, but a new study from F2 Strategy reveals a widening gap with banks and trust companies—raising red flags for the latter’s long-term competitiveness in wealth management. 

According to the survey, 74% of wealth management firms now use AI, a 23% increase over the past two years. Most adopters are independent RIAs, hybrid firms, or multi-family offices. In stark contrast, 90% of firms that have not implemented AI are bank trust companies—a disparity the report calls “an alarm bell” for bank-based advisors. 

“Banks need to take AI tools seriously and deploy them to drive better experiences for less cost with faster throughput,” the report states, citing scalability and operational efficiency as key benefits. 

Advisors using AI report leveraging the technology primarily as a “copilot” to handle routine tasks—freeing up time for higher-value activities like client engagement and business development. Applications range from scheduling meetings and drafting client communications to summarizing notes and organizing fragmented data. Some firms are even deploying AI to assist in software development. 

The surge in 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.  

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. 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. 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. 

“There are clear benefits of AI use in the industry to streamline operations and allow advisors more time to build stronger client relationships,” said Doug Fritz, F2 Strategy co-founder and executive chair. “While RIAs have embraced the disruptive technology, we’re concerned that the bank trust sector will fall even further behind in its ability to compete for client relationships.” 

The study also found that overall advisor familiarity with AI is on the rise—60% of respondents rated their AI knowledge at six out of 10 or higher, up from 38% in 2023. Workflow automation, generative AI, and chatbot integration were cited as top areas of focus moving forward.