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Wealth Management Research Outlook 2024

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GENAI: REALITY VS. PERCEPTION

Everyday there is another article in the press or social media regarding the transformative impact of GenAI on the financial services industry. And, while Celent supports the notion that GenAI will have a massive impact on the industry, the jury is still out regarding when and how that will happen. We have yet to see use cases that fundamentally changes the way we work or do business. Certainly, there are important wealth management use cases that have advanced the development of applications using GenAI, but none that point to true foundatonal reinvention.

Teasing out truth from hype is not always easy, but it is extraordinarily important in assessing the current and future influence that GenAI will have on the industry. To bring greater objectivity and clarity to this issue, the wealth management team will be conducting a series of survey-based research initiatives on the current and future state of GenAI.

The first initiative, a report to be released in April, will explore the state of use case development and production across financial institutions, including wirehouses, RIA aggregators, independent (and national) broker dealers, brokerages and TAMPS. The second report will explore solution provider use cases and perspectives. Both reports are based on quantitative, survey-driven data and analysis. The research will put a stake in the ground for financial institutions and create a framework for assessment.

The chart following is an example, based on preliminary results, indicating where some of the largest financial institutions are placing their Gen AI bets. Unlike other financial services sectors, which are largely focused on transactions and the back office, wealth mangers are looking to apply GenAI to forward-facing, even client engagement, applications.

Question: If you are currently undertaking any type of Gen AI initiative in wealth management, which business functions are you leveraging or Gen AI? Please select all that apply.

Source: Celent

Please connect with jsullivan@celent.com or cbendtsen@celent.com to hear more about our GenAI research efforts.

Contact us for more information about what we have planned in Q2.

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