Wealth management firms have historically lacked the ability to tap into the reserves of client data they’ve collected to unlock its commercial value. With advances in predictive analytics and Machine Learning (ML), wealth managers are starting to meet client needs with higher percicion and greater cost efficiency.

Next Best Action (NBA), an application of ML, delivers prompts that let advisors act on time-critical client needs with highly personalized recommendations. This report looks at the applications of NBA tools in the Wealth management space, its ecosystem of vendors, the technical components that enable its functionality, as well as the dangers of integrating a sophisticated AI tool into core components of an advisor’s workflow.