Ameriprise $1B tech overhaul frees advisors 10–20 hours

Minneapolis-based Ameriprise Financial has directed about $1 billion a year in technology spending to automate advisor workflows and meeting tasks, layering AI tools on long-running automation programs that the firm says free advisors roughly 10 to 20 hours per week.

The firm built automated meeting flows that aggregate client data, schedule and record interactions, and added AI-powered meeting summarization into that process. Gerard Smyth, head of technology and service delivery, reported strong adoption of the summarization feature. “We estimate that meeting automation, on its own, has freed up 10 to 20 hours per week, per advisor,” he said, noting that meeting summarization and automated client letters can save an additional five to 10 hours weekly for some advisors.

Ameriprise began using machine-learning models on advisor workflows before the public rollout of large language models in late 2022. AI features now account for a sizable share of the annual $1 billion technology outlay, with the firm focusing on features intended to deliver measurable time savings for the firm, advisors and clients.

The rollout of generative features moved through the firm’s enterprise risk management processes. Workflows require advisors to review and confirm AI outputs; Ameriprise describes human oversight and risk controls as part of its deployment. Smyth has emphasized advisor review in the meeting flow and other AI-assisted processes.

Technically, the firm consolidated data from separate advisor tools into a centralized data layer, or data lake, to provide consistent context for AI-driven insights. Those insights are presented during meeting preparation to surface growth opportunities, suggest actions and help advisors tailor conversations to client needs.

Ameriprise plans to introduce an advisor assistant later this year that will combine client and advisor information with internal and external research, while preserving advisor control over final outputs. Executives say the automation is intended to reduce administrative work so advisors can spend more time on client relationships, practice growth and managing retirements among the advisor population.

An industry survey of 68 registered investment adviser firms conducted between May and July found 64% of respondents reported AI reduced manual and administrative burdens and 46% said it improved client communications.

Gerard Smyth, who leads technology and service delivery at Ameriprise, previously helped build trading systems for the Australian Stock Exchange and worked at American Express Financial Advisors. He took his current role in 2020 and oversees technology used by the firm’s advisors, employees and clients.