Steven Miller Urges 3-Step AI Rollout for Wealth Firms as Advisors Face Robo Threat
Updated
Updated · Investment Executive · May 18
Steven Miller Urges 3-Step AI Rollout for Wealth Firms as Advisors Face Robo Threat
3 articles · Updated · Investment Executive · May 18
Three practices separate wealth firms that get strong AI results from those left disappointed, Steven Miller said at a Toronto industry forum: define specific problems, build usable data infrastructure, and choose carefully whether to build tools or buy them.
Data readiness is central, he said, because AI cannot help much when client notes remain on paper or workflows are not redesigned; firms also need guardrails that fit regulated business models and compliance requirements.
On vendors, Miller favored a hybrid marketplace model in which firms build internal data foundations and let advisors choose approved tools, while checking privacy protections, service-level terms, and financial-services regulatory experience.
Miller argued AI should lift advisor productivity and client experience rather than replace human advisors, saying demand for personal guidance will grow as Canadians' finances become more complex despite the rise of robo-advisors and DIY investing.
If AI can cut advisory fees by over 80%, will human empathy remain valuable enough to justify the premium cost to investors?
Beyond technology, what fundamental changes to a firm's culture are required to truly succeed with AI and avoid mere experimentation?
As 'shadow AI' use grows, what invisible compliance risks are financial firms ignoring and how can they be uncovered before regulators do?