Artificial Intelligence: A Lot of Hype, But Will it Change Wealth Management in a Meaningful Way?

Beacon Flash

Geoff Moore is the Chief Information Officer at Valmark Financial Group, a leader in the financial services industry since 1963, specializing in life insurance, equity, investment advisory, risk management, and retirement plan products for top financial advisors. With over 20 years of experience in financial services and technology, Geoff works to enhance operational efficiency and streamline processes at Valmark. He leads initiatives across cybersecurity, expansion through recruitment, and operational ease, utilizing a team of skilled developers, testers, project managers, and business analysts. Passionate about staying abreast of the latest technological tools and methodologies, Geoff drives Valmark’s continuous improvement and innovation.

In this episode…

Artificial intelligence (AI) is reshaping industries across the globe, but what about its impact on the wealth management sector? Amidst the buzz and growing applications, can AI truly revolutionize how wealth firms operate, or is it just another fleeting trend?

According to Geoff Moore, a seasoned technologist with over two decades in the field, AI holds significant promise despite its surrounding hype. He compares the current excitement about AI to the early days of the World Wide Web, noting both periods were marked by groundbreaking potential and inevitable challenges. Geoff highlights AI's practical benefits in enhancing operations and compliance within wealth management, yet he remains cautiously optimistic. He emphasizes the realistic improvements AI can provide, like modest boosts in developer productivity and strategic enhancements in regulatory compliance, suggesting that while AI may not revolutionize the industry overnight, it is paving the way for substantial progress.

In this episode of The Beacon Flash Podcast, host Chip Krispert and Geoff Moore, Chief Information Officer at Valmark Financial Group, explore the intriguing world of artificial intelligence in wealth management. They discuss AI’s hype, its realistic benefits and potential pitfalls, how firms are strategically deploying AI, and the critical role of regulatory and security frameworks in its adoption.

Chapters

1. Artificial Intelligence: A Lot of Hype, But Will it Change Wealth Management in a Meaningful Way? (00:00:00)

2. AI in Wealth Management (00:00:02)

3. Exploring AI in Financial Services (00:09:15)