InvestCloud has enhanced its platform with a new suite of artificial intelligence-enabled solutions for wealth managers and advisors.
The new offerings, Intelligent Screening and Intelligent Meeting, aim to automate due diligence and client meeting tasks, the wealth tech giant said in a release Tuesday morning.
The company said its new offerings are enhanced by technologies from Zocks, which bills itself as a privacy-first AI assistant for advisors, and smartKYC, which is focused on AI-driven know-your-client risk screening and monitoring.
Intelligent Screening uses AI to conduct in-depth due diligence during onboarding and to monitor client risk on an ongoing basis. This allows compliance officers and advisors to focus on decision-making instead of manual research.
Meanwhile, Intelligent Meeting adds to the growing traction of AI-powered note-takers, offering staple features such as meeting preparation, note-taking, and follow-up tasks. It draws intelligence from various systems to reduce administrative burdens and help advisors focus on client conversations.
In the statement, Dan Bjerke, president of digital wealth at InvestCloud, said the new tools are intended to address “disjointed systems and fragmented data challenges that are precluding optimal outcomes for advisors and their clients.”
He added that the company, along with its partners smartKYC and Zocks, is enabling advisors to “work smarter across the full client lifecycle and to foster deeper more productive relationships.”
The launch comes as a new report from Northwestern Mutual highlights the importance of human connection in financial advice. Drawing from its 2025 Planning & Progress Study, it found that most Americans trust human advisors over AI alone for tasks like creating retirement plans and managing portfolios.
Fifty-six percent of respondents said they trust humans more than AI to create a retirement plan, while only 13% trust AI more. For developing a tailored financial plan, 53% trust humans, compared to 15% for AI.
Nearly half of Americans – 47% – would prefer to work with a financial advisor who understands and uses AI as part of their practice. This preference is more pronounced among younger generations, with 54% of Gen Z and Millennials expressing this view, compared to 36% of Boomers.
Jeff Sippel, chief strategy officer at Northwestern Mutual, said in the report that financial planning “isn’t just about numbers on a spreadsheet – it’s an emotional discussion around a person’s life goals.” He noted that clients want to work with advisors who understand their needs at a human level.
But as AI adoption accelerates, industry experts are also urging wealth management firms to establish clear policies around its use.
John O’Connell, founder and CEO of The Oasis Group, recently wrote in Barron’s that “the question is no longer whether to address AI usage, but how quickly a comprehensive policy can be crafted and implemented.”
He emphasized that an AI acceptable use policy not only guides appropriate use but also defines prohibited activities, helping firms avoid regulatory pitfalls.
“By establishing parameters now, firm leaders can shape AI adoption in alignment with their values and compliance requirements rather than attempting to retroactively constrain established practices,” O’Connell wrote.
The lawyers' group warns that adjudicating certain claims externally and limiting punitive damages, among other suggestions, could hurt investors.
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