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If you’re getting worried about missing the next great artificial intelligence-driven wealth-tech tool, you may be better off taking things slowly, according to wealth firm leaders, consultants and even technology vendors speaking at this year’s RIA Edge Nashville conference.
“The rate of change is increasing so quickly that if you invested the last 24 months in adopting technology, well, you may have to redo all of that every single few months,” Eden Ovadia, co-founder and CEO of FINNY AI, told the audience of advisors.
Ovadia and the other panelists did not advise sitting on the sidelines totally. But rather, to take a measured approach. That could mean starting out with tests and demos as technology progresses, or signing up for short-term contracts.
Mike Bisaro, CEO and president of $1.2 billion RIA StraightLine, said he sometimes feels like a “dinosaur” when it comes to technology. However, he has, over time, realized that the speed of change means it’s best to take time before making a major commitment.
“We are paying attention, and we are thinking about how to do this,” he said. “There were people that may have been faster … but the project didn’t work out because they didn’t know where they were aiming.”
Ovadia mentioned that her firm, which is just 2 1/2 years old, had just launched a “totally new product” that morning. (FINNY AI announced Hunter, a new marketing platform for advisors with automated strategy, content creation and campaigns.)
Ovadia recommended that advisors focus not just on a tech vendor’s product but also on the team and its forward-looking roadmap.
“Make sure that where they are going aligns with the pain points of your firm,” she said. “Your vendors are now an extension of your technology team, and you want to make sure they are completely aligned to your vision.”
Jason Borek, chief growth officer of The Pinnacle Group, said “a little fear” can be a good thing when evaluating the plethora of tech tools, but it shouldn’t stop you from acting.
“We’re in a ready, fire, aim state,” Borek said. “That could put us in a frozen state as opposed to an action state. But for us, as a firm, we’re constantly having a healthy dose of fear, but we [don’t allow] it to step in front of us as we grow and as we innovate.”
The panelists all agreed it was essential for RIAs to align and clean up their client data for the technology to have a true impact.
“The data integrity is key,” Borek said. “That’s the new currency in the space. If that’s not set up, and systems and processes aren’t set up, it’s just going to stack on top of that.”
In another panel, AI wealth experts discussed another essential area for advisors: compliance and cybersecurity.
Leslie Shaver, founder of My RIA Lawyer, said advisor heads should adopt AI slowly and steadily, or maybe not at all if they’re not ready.
“I want you to treat AI like someone that you would when you meet a person online,” she said. “Do your due diligence. Understand how AI is using your data and develop the right processes and procedures. … AI should be an overlay that you consider once you put some of those other basic tools in place.”
Sid Yenamandra, CEO and founder of SurgeONE.ai, a compliance and cybersecurity platform for wealth managers, suggested advisors create procedures for their AI use.
“You can use AI to be a 10xer,” he said. “As we move into the agentic era, where you are moving from chatbots to to-do bots, there is a lot of power that you can really tap into. But you have to have a framework and guardrails.”
He also warned that, if you are using a free or cheaper version of an AI tool, it may be putting your client’s data at risk of fraud.
Attorney Shaver recommended that firms first get a handle on their cybersecurity procedures and protocols before bringing in AI tools.
“You’ve got to make sure the core features of your cybersecurity are in place, and you’ve got to be doing training with your teams,” she said. “If you’re going to wade into this pool, go into the shallow end first.”
Mark Michael Astarita, head of strategy and operations for compliance operating system Greenboard, agreed with the careful steps toward using AI at wealth firms. But he also said AI is being leveraged to strengthen compliance procedures and protocol, and that advisors can and should use the tools available.
“I wouldn’t tell you to be wary of the internet, because then you would fall behind all of your competitors,” he said. “You should always be aware of the risks, you should be knowledgeable about them—but your competitors are going to use these tools. Your job is to use them responsibly.”
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