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As featured in Family Lawyer Magazine:
When we think of artificial intelligence (AI), we might think of chatbots, automated representatives, or a character (menacing or otherwise) in a Steven Spielberg movie.
Amid all the discussions about these growing technologies, one wonders whether some of the “personal feel” we once had in certain situations has been replaced by the cold hand of technology?
Some would argue that while AI can make some tasks such as customer service more streamlined, it is making high-touch jobs that once thrived off client centricity feel less personable.
In the wealth management and legal industries, clients very often seek out their team and firm based on their own personal needs. Does it feel like these people care about your needs, or are you just a name on a file to them?
Matrimonial and trusts & estates lawyers especially display many of their capabilities based on their tailored and unique services. In the high-net-worth divorce world, there are almost always complex issues that require a collaborative team across multiple disciplines to work directly with clients to create customized strategic plans.
Attorneys recognize that this “face time” is one of the most crucial parts of their clients’ successful experience.
Knowing this, attorneys are now using AI to make their work more client facing. By using AI for their burdensome and time-consuming administrative tasks, many attorneys are creating more time to cater to their clients’ needs.
The Future Is Now
Whether we realize it or not, we are all are using AI in some capacity every day.
Whether we are having Siri answer a text, asking Alexa what the weather is before leaving the house, or even using autocorrect in an e-mail, AI has become an undeniable part of our lives. Many of us are looking to get tasks done as accurately and efficiently as possible. AI allows us the opportunity to do that.
In the wealth management space, AI can be used to sort and edit documents, schedule meetings, take notes, search large databases for updates on state regulations, run data analysis reports, and much more. This allows for far more time for lawyers and their clients to forge successful relationships.
Having a trusting relationship with our clients is crucial. During challenging times, clients often look toward their advisors more than just for financial solutions – they can also be asked to provide emotional support.
A capable/coordinated team of professionals who handles complex financial issues can set their clients up for a sustainable and successful future. A successful relationship has a client’s vision in mind – whether they are looking to grow their assets for future generations, need support for their business endeavors, or are going through a divorce.
Attorneys can also use AI to do some of their most time-consuming tasks. The available time that AI creates allows the critical attorney/client bond to grow and succeed.
A working group of financial advisors, matrimonial attorneys, estate planners, accountants and any other necessary experts in a particular field provide structure and guidance.
Working together, they can create customized solutions including: financial projections, asset sustainability analyses, tax considerations, investment management, trustee services, and much more.
By creating these synergies, they are able to offer improved security and financial strength. They can anticipate clients’ needs and guide them to sustainable solutions, deliver expertise, and utilize their firms’ full resources to create well-rounded wealth plans.
AI allows wealth management specialists to advance what they already know to be critical – the client matters!
Seeing Things
Even though we can acknowledge that AI is already a critical part of our business and personal lives, care and oversight is essential in managing this technology.
Using AI for note taking, proofing and editing proves to be handled much better by the human eye. Believe it or not, AI can experience hallucinations. For example, there was a lawyer who used AI to find case law to support his case in court.1Disclosure number, please reference additional details in the Disclosures section at the bottom of this page. He received case names, citations, and even quotes to favor his position and he used them.
But the case names, citations, and quotes did not exist. The AI technology hallucinated, and the attorney and his firm were sanctioned $5,000.
Even with the risk of potential misuse, AI cannot be ignored. It is advancing and improving every day and professionals have the obligation to understand the benefits and risks of the evolving technology. AI is becoming an everyday tool in our lives.
Encouraging professionals to use AI to reallocate their workload and spend time on more pressing matters has had great impact in both the legal and wealth management field.
This is only the beginning of AI in the workplace. As it grows and its influence increases, critical relationship-building between attorneys and clients can be a direct beneficiary.
While AI is rapidly advancing and can make complex tasks easier, it generally cannot replace the expertise, experience, and personalized guidance of a dedicated financial team. Technology may assist with data analysis and trends, and even help financial professionals with their administrative tasks, allowing them to spend more time building strong relationships with their clients. However, AI lacks the human understanding needed to navigate the complexities of individual financial situations. The personal connection of trusted advisors with the client can make a huge impact on the success of the relationship.
Human professionals understand the complexity of one’s unique financial situation and can adapt strategies depending on those needs. Working with an organization that offers clients a dedicated team of experts can ensure a customized approach that balances technological efficiency with the critical personal touch needed for informed decision-making, risk management, and long-term success.
Kayleigh Farrell is a Wealth Associate at Wilmington Trust. She assists teams of professionals with a broad range of relationship management and wealth management services for clients
This article is for general information only and is not intended as an offer or solicitation for the sale of any financial product, service, or other professional advice. Wilmington Trust does not provide tax, legal or accounting advice. Professional advice always requires consideration of individual circumstances. Wilmington Trust is a registered service mark used in connection with various fiduciary and nonfiduciary services offered by certain subsidiaries of M&T Bank Corporation. This information has been obtained from sources believed to be reliable, but its accuracy and completeness are not guaranteed. Opinions constitute the judgment of Wilmington Trust and are subject to change without notice.
Equal Housing Lender. Bank NMLS #381076. Member FDIC.
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