12.10.18
Developers, Banks Pushing Hard to Put AI to Work for Advisors
by: Ann Marsh
Banks and fintech startups are pushing the boundaries of artificial intelligence (AI) in an effort to be of use to financial advisors. Wells Fargo, for example, is trying to figure out how to use AI to analyze data for 1,500 mutual funds rapidly enough that advisors can have performance analyses in real time, in response to market-moving events. Sam Kirkland, senior vice president of global manager research for Wells Fargo, says AI could at a minimum help get assessments of funds' quarterly results out to advisors more quickly. However, current financial regulations restrict mutual fund managers from sharing data needed to complete such an analysis that fast, he says. Kirkland adds that the only way AI can help offer fund managers or advisors predictive guidance on investments right now is when a question can be answered solely with reference to a clear set of rules.
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