The Augmented Advisor: What the Future of Tech Means for The Future of Financial Advice

by HighTower Advisors on June 26, 2019

The emergence of AI and machine learning technology is already changing the face of the industry. While many may worry about what the rise of the robo means for the future of financial advice, the reality is this: Far from replacing human advisors, new technology is actually enabling advisors to do their jobs more efficiently.

Indeed, advanced tech tools using AI and machine learning are birthing a new, augmented advisor who is able to respond to things faster, communicate better and recognize patterns they may have otherwise missed.

HighTower is at the forefront of this new frontier. At the 2019 HighTower Advisor Summit, the firm’s tech team and partners held an informative technology expo, showcasing their capabilities and explaining how advisors and clients alike will benefit from the future of financial tech.

From updating the advisor’s experience with HighTower Clear and the new Clear Mobile, each advisory practice is taking full advantage of all the advanced tech at their fingertips.

Using tools like HighTower’s machine learning platform, Next Best Action, advisors will soon be able to foster deeper and more intimate relationships with their clients, and free up time to devote to new business. The AI will analyze client data from past communications, notes and social media and use that information to alert advisors of life events – such as a job change, retirement or a shift in family circumstances – and tell the advisor to call that client. This alert will appear as a priority to-do item the advisor sees when he or she gets to work in the morning.

While an advisor alone would not have the time to devote to scanning through the available data on every client, the AI can do it instantly. This data offers a more complete picture of each client and helps the advisor make better choices on the client’s behalf. HighTower knew this early on, which is why our data warehouse is and has been a key part of our strategy.

Of course, not every advisory practice will need such advanced integration. But the beauty of the HighTower platform lies in its ability to deliver personalized solutions tailored to fit each business’s individual needs. HighTower has almost 100 advisory businesses, each with a different platform. No two are exactly alike, and those differences are our strength. They enable us to serve different kinds of clients with different kinds of needs – a client with $2 million in assets has different circumstances and needs than a more complex client with $20 million.

Ultimately, the industry needs to get to a place where diversity of practice, and systems, can be the norm. While not everyone needs a mobile app, for example, the option is there.

Every HighTower advisory business is different and can use HighTower tech as they see fit to help them deliver what their clients need.

# AI Doug Besso HighTower Advisor Summit machine learning technology platform

HighTower Advisors is registered with HighTower Securities, LLC, member FINRA and SIPC, and with HighTower Advisors, LLC, a registered investment advisor with the SEC. Securities are offered through HighTower Securities, LLC; advisory services are offered through HighTower Advisors, LLC.

This is not an offer to buy or sell securities. No investment process is free of risk, and there is no guarantee that the investment process or the investment opportunities referenced herein will be profitable. Past performance is not indicative of current or future performance and is not a guarantee. The investment opportunities referenced herein may not be suitable for all investors.

All data and information reference herein are from sources believed to be reliable. Any opinions, news, research, analyses, prices, or other information contained in this research is provided as general market commentary, it does not constitute investment advice. The team and HighTower shall not in any way be liable for claims, and make no expressed or implied representations or warranties as to the accuracy or completeness of the data and other information, or for statements or errors contained in or omissions from the obtained data and information referenced herein. The data and information are provided as of the date referenced. Such data and information are subject to change without notice.

This document was created for informational purposes only; the opinions expressed are solely those of the team and do not represent those of HighTower Advisors, LLC, or any of its affiliates.