An Accenture survey of 500 financial professionals<\/a> revealed that:<\/strong><\/p>\n\n\n\n Let\u2019s look at how AI is disrupting the industry and explore specific areas where you can implement this technology to transform your practice.<\/p>\n\n\n\n AI is transforming the financial industry, not by replacing human expertise, but by augmenting it.<\/p>\n\n\n\n One of the simplest and least intimidating ways for financial professionals to begin integrating AI is through automated notetaking. AI-powered transcription tools can capture and organize client meeting notes in real-time, so the financial professional can stay fully engaged in conversations while details are recorded on their behalf.<\/p>\n\n\n\n Beyond notetaking, experts predict that AI will transform client engagement and communication through AI-driven chatbots<\/strong>. These bots, or \u201cco-planners,\u201d would guide clients through preliminary financial questions before meeting with an advisor. The idea is that these virtual assistants would help clients outline their financial goals, assess their risk tolerance, and gather essential documents so that financial professionals could focus on tailoring strategies in their meetings rather than spending time on basic groundwork.<\/p>\n\n\n\n AI can\u2019t replace the value of human face-to-face interaction with clients. Even if AI programs can predict trends and suggest risk-averse investment strategies, only a financial professional can gauge if those suggestions align with the client\u2019s personal objectives, emotions, and long-term goals.<\/p>\n\n\n\n AI isn’t changing how advisors work but is increasingly helping them to do things \u201cbetter, faster, smarter.” The right AI structure can ensure that advisors work faster and that clients receive the experience they were promised. Consider AI being able to fill in client onboarding and reporting, so all an advisor needs to do is bring a client a DocuSign.<\/p>\n\n\n\n With the right set of data points and algorithms, AI can become a teammate working for you.<\/p>\n\n\n\n Moving past clients, AI will be able to generate quality leads that used to come from client referrals. As the landscape changes, with younger generations less likely to provide referrals, having a tool to make this happen is crucial. Beyond getting the referral, AI will be able to scale your data, organize it into sets, and identify ideal prospects to target.<\/p>\n\n\n Already, AI has made a splash in the long-term care (LTC) space. One innovation includes implanted or worn devices that can track the health and mental status of aging adults with an LTC need, allowing them to live alone at home for as long as possible.<\/p>\n\n\n\n Future technology imagines\u00a0AI-powered avatars<\/strong>\u00a0<\/a>as virtual in-home caregivers. These avatars would help patients safely navigate their daily routines, alleviating some of the burden on family caregivers. However, this technology doesn\u2019t currently exist in the marketplace.<\/p>\n\n\n\n These advancements seek to address the needs of patients already experiencing the early stages of LTC.<\/strong> Now, software is available to help individuals plan for LTC needs before<\/strong> they occur.<\/p>\n\n\n\n This innovative technology wasn\u2019t just created to enhance the client care planning discussion\u2014it was designed for financial professionals to facilitate it.<\/p>\n\n\n\n Waterlily<\/strong>\u00a0<\/a>is a client-facing, user-friendly software that uses AI to predict an individual\u2019s potential future LTC needs and costs. By leveraging half a billion data points of healthcare and demographic information, the platform doesn\u2019t just display broad generalizations. It projects specific numbers, including:<\/p>\n\n\n\n Next, the platform walks a client through the process of creating a care plan, naturally progressing into the topic of funding for that care. It models the return on investment for different funding options, including self-funding, long-term care insurance, annuities, hybrid policies, and life insurance riders\u2014and the policy upload features allow a financial professional to upload existing policies into the platform for a client\u2019s plan.<\/p>\n\n\n\n Waterlily is an excellent example of how financial professionals can leverage AI to enhance their businesses and revolutionize their clients\u2019 financial plans. Professionals who have used the platform say it completely flips the care planning conversation with clients on its head\u2014it\u2019s no longer focused on selling a product but instead on finding a solution<\/em>.<\/p>\n\n\n\n Embracing AI isn\u2019t about jumping on buzzword trends\u2014it\u2019s about staying ahead in a rapidly evolving industry to improve your practice and provide unparalleled value to clients.<\/p>\n\n\n\n \u201cAI is revolutionizing life insurance<\/strong><\/a> by enhancing the customer experience, from the initial application to ongoing policy management and the claims process. By leveraging AI for risk assessment, personalized policies, and operational efficiencies, life insurance companies can offer better products at competitive prices.\u201d<\/p>\n\n\n\n Contact our Care\u00a0Planning\u00a0Division<\/a><\/strong>\u00a0if you\u2019d like to take advantage of a\u00a0two-week free trial<\/strong>\u00a0to see how Waterlily can transform your care planning business first-hand.<\/p>\n\n\n\n\n
How Financial Professionals Are Adopting AI to Enhance Client Relationships<\/strong><\/strong><\/h2>\n\n\n\n
Balancing Professional Roles with Tech Programming<\/strong><\/strong><\/h2>\n\n\n\n
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<\/a><\/figure><\/div>\n\n\nThe Future of Care Planning with AI<\/strong><\/strong><\/h2>\n\n\n\n
Reshaping the Care Planning Conversation with Waterlily AI<\/strong><\/h2>\n\n\n\n
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Watch: Revolutionizing LTC Planning: An Interview with Waterlily’s Founder<\/a><\/h4>\n\n\n\n
AI is the Key to Staying Ahead<\/strong><\/h2>\n\n\n\n
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