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4 weeks ago
The ROI on AI: Advisors struggle to get unbiased answers from tech providers

 

Originally published in FinancialPlanning, April 8, 2024

Most advisors agree that AI technology can provide efficiencies, whether it be through streamlining workflow or communicating more effectively with clients. However, the jury is out on whether these budding but costly investments are worth it.

“This technology is really expensive. I mean, hundreds of thousands of dollars a year for some of these vendors,” said James Bogart, CEO and president of Bogart Wealth based in McLean, Virginia, which works with fintech vendors and is exploring AI solutions. “So in order for me to make that level of change, there has to be a significant uptick in value creation, efficiency.”

A recent report by Deloitte projected enterprise software companies will approach a $10 billion run rate by the end of 2024, but that pales in comparison to the projected $1.6 trillion in global enterprise IT spending this year.

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