The inaugural ADVISE AI conference, dedicated to the advancements in artificial intelligence within the wealth management sector, took place on October 10. During this event, Orion and RBC Wealth Management were honored as Innovators of the Year, showcasing their groundbreaking contributions to the industry.
Key Takeaways
Orion and RBC Wealth Management received top honors at the first-ever Innovation Awards ceremony.
Orion was recognized for its innovative portfolio management tools, while RBC excelled in marketing and client engagement.
The event highlighted the growing importance of AI in wealth management, with 43% of surveyed professionals deeming it crucial for attracting younger clients.
Orion: Leading the Charge in Portfolio Management
Orion, a prominent wealthtech platform, was awarded Innovator of the Year for its exceptional tools designed to enhance portfolio management. The company’s standout innovations include:
Redtail Speak: A ChatGPT-integrated communication tool that facilitates real-time interactions between advisors and clients.
Orion Compare: A data-driven portfolio comparison tool that streamlines the customization process for advisors.
Launched in March, Orion Compare has quickly become a vital resource for advisors, allowing them to access comprehensive portfolio data and generate presentation-ready scenarios efficiently. Michael Wilson, Executive Vice President at Orion Technology Suite, emphasized the tool's human-centric approach, which transforms technical discussions into relatable narratives for investors.
RBC Wealth Management: Pioneering Client Engagement
RBC Wealth Management-U.S. was also recognized as Innovator of the Year, receiving accolades for its innovative marketing and client engagement strategies. Key highlights include:
Campaign Central: A self-service platform that enables advisors to create personalized marketing content and monitor client interactions. This tool allows for mass communication, such as sending birthday wishes or market insights, enhancing client relationships.
AI-Powered Insights: Launched in February 2024, this tool helps advisors identify clients likely to move funds due to significant life events, providing actionable leads directly through the advisor desktop platform.
Since its launch, Campaign Central has been adopted by nearly 1,000 advisors, significantly increasing RBC's email marketing reach and engagement rates. The AI-Powered Insights tool has proven invaluable, with advisors reporting a high success rate in securing commitments from leads generated through the platform.
The Future of AI in Wealth Management
The recognition of Orion and RBC Wealth Management at ADVISE AI underscores the transformative impact of AI in the wealth management industry. As technology continues to evolve, firms are increasingly leveraging AI to enhance client engagement, streamline operations, and drive growth.
Brian Wallheimer, Editor-in-Chief of Financial Planning, remarked on the event's significance, stating, "As we've seen at ADVISE AI this week, tech firms and wealth managers are doing incredible things to move the industry ahead by leaps and bounds. Our innovators of the year, Orion and RBC, are leading the way."
The insights shared at ADVISE AI reflect a broader trend within the industry, where 43% of wealth management professionals believe that generative AI is essential for attracting and retaining clients, particularly among younger generations inheriting wealth.
As AI technology matures, the potential for further advancements in wealth management is immense, promising to enhance the capabilities of financial advisors and improve client outcomes across the board.
Sources
Orion, RBC Wealth Management awarded Innovators of the Year at ADVISE AI | Financial Planning, Financial Planning.