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How Artificial Intelligence is Re-Shaping the Business of Wealth Management

 
Picture of Kyle Gentile
 
Increasingly, RIAs are embracing Artificial Intelligence as more firms look for ways to improve their productivity and efficiency - and particularly as more purpose-built tools enter the RIA marketplace. In this episode of RIA+, Emigrant's Mark Bruno sits down with Parker Ence, CEO of Jump, to discuss how firms have been leveraging the technology company's AI note-taking and virtual assistant capabilities. In addition, they discuss how AI is also being used to improved data collection, client communication - and referrals - and what lies ahead for Jump as it continues to make significant investments in its technology and team. 

Summary

  • AI has evolved from being a novelty or a source of fear to a practical tool that enhances productivity and is becoming a standard part of the tech stack for RIAs. Jump's AI Meeting Assistant helps advisors prepare for meetings by providing briefings with data from their CRM, captures audio during meetings, and uses AI to write notes and update the CRM, all while keeping a human in the loop for safety.
  • Jump's AI meeting assistant saves advisors an average of one to three hours per day by automating administrative tasks related to meetings. Advisors are using this extra time for business development, deeper client analysis, and improved work-life balance.
  • Firms are initially adopting safe, compliant chatbots like ChatGPT to perform basic tasks, and are also increasingly using AI meeting assistants to improve efficiency. One firm discovered that advisors using Jump delivered 20-50% more services to clients and managed the busy season more effectively.
  • Jump is processing approximately 8,000 meetings daily, with 10 years' worth of meetings processed in the last 30 days alone, indicating rapid adoption. The primary way Jump helps firms grow is by improving the client experience through better meeting preparation, increased advisor engagement, and faster follow-up on action items.
  • Jump's insights program analyzes, anonymizes, and aggregates conversation data to identify trends and provide actionable insights. For example, analysis revealed that about 50% of conversations referenced tariffs, and clients who brought up tariffs were three times more likely to request moving assets into cash, which would have been impossible to determine without this data.
  • Jump helps RIAs address compliance concerns by providing optionality and ensuring data safety. Jump discloses meeting recordings to clients, supports various approaches to books and records requirements (archiving, short-term availability, or no recordings), maintains a strong security posture (SOC 2, HIPAA, encryption), and prevents PII from being stored in AI models.

About Jump AI

Trusted by enterprise and loved by advisors, Jump is the leading AI tool for wealth managers and financial advisors that automates notetaking, compliance, CRM updates, and much more. Learn more at https://jumpapp.com/ 

About Our Guest

Jump AI

CEO

Parker Ence

Stanford Graduate School of Business