Wealth Managers: AI Isn't the Secret to Winning Big Clients

The Promise and Limitations of AI

AI is being sold as the magic tool to find wealthy clients. But top advisors aren't convinced. They say AI can find names and numbers, but that's just the start. The real challenge is getting these busy, wealthy people to trust you.

The Human Touch

Matthew Fleissig, CEO of Pathstone, knows this well. He manages $182 billion for clients. Fleissig says AI can't replace real relationships. For example, Pathstone once chartered a private jet in an hour for a client. That's the kind of service that builds trust and brings in new clients.

Fleissig isn't impressed with AI tools for finding clients. He says these tools just add a fancy layer to old databases. He prefers his team's personal touch over cold emails or AI-generated lists.

Industry Consensus

Other advisors agree. A growth executive at a top firm has tried many AI tools. He says most use the same basic technology. He wonders why he should pay big bucks when his IT team could do something similar for cheap.

Quality Over Quantity

Andrew Douglass of AlTi Tiedemann Global also isn't sold on AI. He says most clients found through AI already have advisors. Instead, his firm relies on referrals and networking. They build relationships with lawyers and accountants who work with wealthy clients.

Douglass says quality matters more than quantity. His firm only adds about 25-30 new clients a year. That might not sound like much, but these clients bring in billions.

AI Startups Pushing Boundaries

Some AI startups, like Finny, are trying to change minds. Finny's CEO, Eden Ovadia, says AI can help advisors find the right people for events or spot clients going through big life changes. She believes AI can make outreach more personal, not less.

Open-Mindedness

Fleissig is open to AI in other ways. He's seen clients find Pathstone through AI search engines like Gemini and ChatGPT. Douglass is also open-minded. He says if someone has a better way, he's willing to listen.