By Mike Shannon, Co-Founder & CEO of Impruve
The financial advisory industry is shifting fast, and if you talk to enough people in the space, you start to notice common themes. Over the past several months, I’ve spoken with dozens of leaders—advisors, RIA founders, fintech entrepreneurs—about where the industry is heading. Here’s what stood out.
First, AI is everywhere. Some firms are jumping in, using AI to automate meeting notes, client outreach, and portfolio analysis. Others are hesitant, especially given regulatory uncertainties. The consensus? AI isn’t replacing advisors, but it’s making them more efficient—if they embrace it.
Another big shift: the role of the advisor is changing. It’s not just about managing investments anymore. Today’s top advisors are holistic financial planners, guiding clients through estate planning, tax strategies, and even behavioral finance. The real value is in relationships, not just returns.
Then there’s the RIA boom. More advisors are leaving wirehouses for independence. Running your own firm offers freedom, but it’s no easy feat. Compliance, tech stacks, and client acquisition all become your responsibility. The ones who succeed? They invest in the right infrastructure early.
Efficiency is a major pain point. Too many advisors are buried in admin work. AI-powered automation is helping, but adoption is slow. The firms getting ahead are the ones freeing up advisors to spend more time with clients.
Clients, meanwhile, expect personalization. They want financial advice tailored to their unique situation, not a cookie-cutter portfolio. AI can help scale personalization, but it has to be balanced with human insight. Nobody wants a chatbot managing their wealth.
Of course, compliance remains a hurdle. FINRA and the SEC haven’t fully caught up with AI, leaving many firms in a gray area. Navigating regulations while staying innovative is a challenge, but those who get it right will lead the industry forward.
So, what’s next? Advisors who blend AI-driven efficiency with high-touch service will have the edge. The human element will always matter, but technology can remove friction, streamline operations, and enhance client relationships.
Key Takeaways:
- AI is a tool, not a replacement—embrace it wisely.
- Holistic financial planning is now the norm.
- RIAs are rising, but success depends on strong operations.
- Tech-driven efficiency separates top firms from the rest.
- Clients expect personalization—at scale.
The financial advisory landscape is evolving. The firms that adapt will thrive. Those that don’t? They risk falling behind in an industry that’s moving faster than ever.