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Is Your Wealth Advisor Using AI to Give Her More Time to Work With You?
The growth of artificial intelligence has put the would-be dinosaurs of wealth management– who employ hundreds of thousands of financial advisors and are responsible for $330 plus trillion in assets–on notice.
Currently, financial advisors spend only about half their time with their clients, according to Renaud Fages, partner and managing director at Boston Consulting Group. The rest of their time is eaten up by meeting prep and administrative work. Fages estimates AI could cut that work in half, allowing advisors to spend as much as 75% of their time advising clients. BCG estimates the AI startups, designed to assist financial advisors, could capture as much as $20 billion in annual software spending by wealth managers in the U.S.
In 2021, he launched Savvy Wealth to give advisors AI software that could take on more of the work behind the scenes. Its agents can pull from a client’s investments, financial plan and meeting history to analyze portfolios, run planning scenarios and update records for the advisor to review. Savvy now has roughly 150 advisors managing more than $8 billion, up from just over $1 billion at the beginning of 2025, and has raised more than $100 million over the last five years and is valued at $210 million, according to PitchBook.
