The integration of artificial intelligence is poised to significantly transform wealth management. AI’s true value lies in its ability to solve complex business challenges. By understanding the industry’s specific pain points, AI can be used strategically to drive growth, boost profitability, and deliver exceptional client experiences.
In this episode, Jack talks with Rob Pettman, President & Chief Revenue Officer at TIFIN. In his role, Rob oversees revenue generation strategies, forges strategic partnerships, and drives the company’s growth initiatives.
Rob talks with Jack about the types of AI used in managing wealth and the efficiency and growth potential it brings. He also shares how TIFIN helps wealth management firms implement AI into their practices.
In this episode:
- [01:30] – Rob’s role at TIFIN
- [03:57] – Two types of AI that can be applied to wealth management
- [06:59] – How AI supercharges organic growth
- [13:20] – How Rob helps wealth management firms implement AI
- [15:25] – AI decision-makers
- [17:27] – Rob’s thoughts on the future of the industry
- [19:14] – Rob’s key takeaways
- [20:22] – Rob’s interests outside of work
Quotes
[03:11] – “I met with a lot of technology firms, and everybody will tell you what the technology does. But very rarely does anybody really help you understand the business problems that the technology could solve for you.” ~ Rob Pettman
[05:04] – “Think about some of the commercial applications for [AI]. It can help with predictive growth. It can help with predictive risk management, whether in a portfolio context or a compliance context. We have massive sums of data in wealth management. And so the ability to be able to train these algos on them and then essentially leverage them to get additional horsepower creates operational efficiency in our decision-making process” ~ Rob Pettman
[15:45] – “Supervised AI is an algorithm that learns over time. The sooner I start, the smarter it is over time. So if I start earlier than my competitors, my stuff’s going to be a lot smarter than their stuff when they start late.” ~ Rob Pettman
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