Raymond James looks to level up service with generative AI

Raymond James has unveiled a proprietary generative AI search platform aimed at improving internal service delivery for financial advisors and associates across the firm.

The tool, dubbed AI Search, is designed to respond to natural-language queries by providing tailored answers from the company’s internal knowledge base.

The rollout is part of Raymond James’ broader artificial intelligence strategy, which centers on delivering data-driven insights, enhanced service systems, and secure, scalable applications.

The development and deployment of AI Search were led by Stuart Feld, chief artificial intelligence officer at Raymond James, who was appointed to the role in late February.

“Part of our commitment to advisors is to invest in innovation that will enhance the firm’s already industry-leading service levels and return more of their most precious asset to them – time,” Feld said in a statement Thursday.

“AI Search reduces time spent scanning search results into a one-stop question and answer experience to get them to the correct information or professional contact on the first try,” Feld said.

Rather than requiring adoption of a new platform, the tool is embedded within existing internal systems that advisors already use, according to the firm. Advisors can ask questions in everyday language and receive targeted answers, potentially minimizing delays caused by traditional search methods.

Raymond James said the platform is also designed with reliability in mind, featuring built-in feedback mechanisms that allow users to vote on the quality of the responses it delivers. This real-time feedback loop informs ongoing refinements.

“It’s well-known that any AI model has its limitations,” Feld said. “To reduce the potential for errors, our practice is to maintain human checkpoints on this and any future systems throughout development, implementation and maintenance.”

CFP Board, the professional body behind the gold-standard CFP financial planning mark, highlighted those flaws in February with its release of a generative AI ethics guide, highlighting the risks planners must be mindful of as they embrace the nascent technology.

The in-house development of AI Search at Raymond James is intended to give the firm greater control and transparency over how the tool evolves.

According to Raymond James, the firm works closely with financial advisors during technology design and currently invests $975 million annually into technology enhancements.

While consistently emphasizing the importance of prudent adoption, the firm has already reported significant gains from AI, In an August note, the firm highlighted its use of machine learning algorithms to reduce false positives in electronic communications, significantly decreasing the volume of messages requiring manual review.

"AI is also at work in the firm’s cybersecurity and fraud prevention operations, enhancing real-time threat-detection systems and supporting due diligence anti-money laundering functions," the firm said.

The firm's advisor AI tool development is led by its Technology Advisory Council, a group of experienced advisors spanning the firm's affiliation models.

According to recent polling by Fuse Research Network, four-fifths (82 percent) of advisors plan to invest in generative AI in the coming years, up from 66 percent in 2024.

“Only a small segment of advisors currently integrates AI into their business,” said Mike Evans, director of advisor and benchmark research at Fuse Research. “However, we anticipate AI will play an increasingly vital role as technology providers introduce tools that improve efficiency, personalization and decision-making."