Advisors Want More Client Time — AI Mostly Aids Admin

A Vanguard and Escalent Cogent Beat Advisor survey of 549 financial advisors found 72% want more time to spend with prospective and current clients. The survey shows many advisors are using artificial intelligence mainly to speed routine work rather than to restructure how they deliver services.

Respondents reported the top AI uses as drafting emails (38%), conducting research (35%) and taking meeting notes (27%). These tasks accounted for most current deployments of AI in advisor practices.

Advisors identified several obstacles to broader AI adoption. Thirty-seven percent cited uncertainty about compliance rules, 31% said they lack time or training to use AI tools fully, and 22% expressed concern that AI could reduce the value they provide to clients.

Lauren Wilkinson, Vanguard’s chief information officer for financial advisor services, urged firms to shift from using AI only to assist tasks toward automating routine processes so advisors can allocate more time to higher-value client work.

Julie Littlechild, founder and CEO of Absolute Engagement, said AI can also help advisors track client behavior over time, flag changes and reveal unmet needs, which can make client meetings more substantive and personal.

Ric Edelman wrote that a note-taking tool that saves 45 minutes after a client review will not affect a firm’s profit and loss unless that saved time is redirected to another client meeting, prospecting or serving more households.

Vestmark, a wealthtech firm focused on registered investment advisors, provided employees with AI tools and training and reported a 65% increase in productivity, according to CEO Karl Roessner.

Regulatory attention is affecting how firms approach AI. The Securities and Exchange Commission has signaled plans to formalize guidance on AI governance. Industry advisers recommend firms create written policies that define the “human in the loop” role and train staff to use AI tools while meeting compliance requirements.

New vendors have introduced AI-driven products for specific advisor tasks, including software to ease client relocations and tools that streamline administrative steps tied to moves. Firms say the tools’ benefits will depend on advisor proficiency and firm governance.

The survey also noted broader context for AI investment: global spending related to AI is projected to reach roughly $1 trillion this year. Respondents indicated that deeper automation, clearer policies and more training are needed before time saved by AI translates into measurable practice growth.