A woman-led AI firm enters Charles Schwab partnership as enthusiasm for automation grows

As the wealth management industry Continue to embrace AI solutions with open armsa female AI financial technology company founded by a woman and one of the biggest names in the business.

cogncorethe California-based provider of AI-powered business learning and automation platform, has formally partnered with Charles Schwab to roll out its suite of solutions to Schwab’s RIAs via Managed account market.

The first customer of the new cooperation is Sequoia Financial Group, RIA in Akron, Ohio, with more than $10 billion in assets. It is one of Schwab’s largest affiliates.

Co-founder of CogniCor and CEO Sindhu Joseph She believes that digital assistants powered by artificial intelligence can be leveraged to alleviate many of the issues associated with the growth of large M&A operations within the industry.

With the continued growth of mergers and acquisitionsThere is a greater need for scalable solutions that facilitate effective onboarding and education of new advisors, opening new accounts and helping clients transfer existing accounts to a new advisory firm.

Joseph said her new company’s relationship with Schwab aims to respond to calls for these solutions from the country’s leading regional investment agencies.

Joseph said: “Currently, consultants and staff are forced to spend about 40% of their time performing routine manual tasks. This time should be dedicated to serving clients and performing other activities of value. By providing access to their RIAs. Learning and automation platforms for our business. Schwab can fuel more growth opportunities for its clients.”

Sequoia is also helping CogniCor test “Meeting Assistant,” the company’s latest AI-enabled solution, at scale. The system works with advisors and the company’s existing Salesforce-based CRM to automate pre- and post-meeting paperwork, create dynamic agendas and help track life events and milestones for clients in real time.

“As we look to improve the efficiency of our advisors without any impact on the customer experience, we have identified the administrative processes around the client advisor meeting as an area ready for improvement,” said Trevor Chuna, chief technology officer of Sequoia. “Working closely with CogniCor, we have selected several areas where we believe this technology can reduce time spent on repetitive administrative activities. We are very excited to roll out these seamlessly integrated tools to our consultants in the coming months.”

Joseph added that she is excited about the opportunity to provide Sequoia consultants with AI-powered tools to help them “focus on what’s most important – customer relationships.”

The announcement comes as more support for AI spreads from across the industry. A survey of 200 financial services professionals was conducted in May and Shared this week by Broadridge Financial Solutions I found artificial intelligence among the top investment priorities for financial services companies.

Nearly a quarter of respondents (23%) in the Broadridge survey identified artificial intelligence and automation as the company’s priority investment. Only the surveyed data management tools are higher with 27% of respondents rated it the highest.

“In today’s rapidly evolving world, improved workflows are critical and well-rounded, and clean data is key,” said Vijay Mayadas, Head of Capital Markets at Broadridge, in a statement. “However, companies are drowning in the complexity and simplification of data management without the technology and digital infrastructure in place to support their management, stifling transparency, agility, and growth.”

The research also found that financial professionals are eager to get started. More than half of the survey respondents said their companies still had to make progress before they reached the advanced stages of innovation and technology efforts.

Partnerships such as those between CogniCor and Schwab may be able to help.

“We hear from customers and survey results highlight how companies are overwhelmed by the amount of data and limited in how they use it,” Miadas said. “By evaluating an individual’s technology stack and partnering with trusted providers, companies have the opportunity to maximize the capacity of their data and improve their workflow management.”

Consulting firm Accenture also recently Provide promising research For the future of artificial intelligence in wealth management. The Artificial Intelligence in Wealth Management study polled 500 financial advisors in the United States and Canada earlier this year “to fairly assess their familiarity with AI, and what, if any, disconnects exist when it comes to using this technology.”

The response was enthusiastic because almost all of the consultants surveyed want AI solutions and are already using AI to some extent.

About 83% of the consultants interviewed said they believed AI will have a direct, measurable and consistent impact on the client-adviser relationship in the next 18 months. The same percentage of advisors also said they believed AI could achieve a level of sophisticated advice and planning that would eventually have them competing with an algorithm for clients in the next 18 months.

But there are obstacles. Five out of 10 consultants in the Accenture survey feel their companies are barred from working on their vision of AI due to outdated corporate culture.

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