“We’ve created a platform that automates client onboarding, KYC updates, and account servicing,” she says. “It removes the need for manual entry, reducing errors and improving efficiency and overall experience.”
Another focus area for Canaccord Genuity Wealth Management, as they develop tools for their advisors, is ensuring end-to-end integration across platforms so advisors don’t need to duplicate work and can avoid the ‘swivel chair’ effect often experienced in the industry.
“The capabilities we are introducing enable advisors to scale their practices and grow AUA without necessarily having to grow their practice from a people perspective,” Jeraj says. “Automation frees up advisors to spend more time on high-value client relationships, positioning them to manage a growing number of clients without compromising service quality.”
Looking forward, Jeraj emphasizes that AI and automation are not only a trend but a transformative force that will continue to shape the future of wealth management. CG has created several strategic partnerships, including one with Microsoft, to stay at the forefront of AI developments, particularly with large language models like OpenAI’s GPT.
The combination of AI and automation is helping advisors shift their focus from routine tasks to more strategic, relationship-based work. While technology and innovation can assist in automating time-consuming manual tasks, human judgment remains essential in making the most of the technology. Jeraj underscores this balance, highlighting that the goal is to equip advisors with better tools, not replace them.
