Displaying items by tag: ai

Advisors aiming to strengthen relationships with younger affluent investors may want to enhance their AI knowledge, as a new survey suggests. Conducted by Boosted.ai, the survey found that younger high-net-worth (HNW) individuals are increasingly incorporating AI into their daily lives and expect their financial advisors to do the same. 

With 82% of respondents describing themselves as AI-proficient and 56% using it regularly, many are looking for advisors who integrate AI into their services. In fact, 35% of younger HNW individuals would consider leaving their current advisor if they aren’t adopting AI. 

As a generational wealth transfer looms, adapting to the preferences of tech-savvy clients becomes critical. However, the survey also reveals concerns about AI, particularly around data security and regulation.

Finsum: This is a huge shift in adoption of this technology and advisors might want to integrate this into their practice for new client adoption.

RNMKRS, a company based in Larchmont, New York, leverages artificial intelligence (AI) to enhance sales training. By creating an AI persona called Alex, the system simulates customer interactions and provides feedback to sales representatives, helping them improve their communication and selling skills. 

Since its inception, RNMKRS has trained around 30,000 sales professionals from over 100 companies. Co-founded by Stefanie Boyer, a marketing professor at Bryant University, the platform is grounded in her extensive research on learning science and sales performance. 

The AI-driven system has role-played over 500,000 conversations, refining its ability to give consistent, data-backed feedback. Boyer believes AI has the potential to transform human-to-human communication by offering non-judgmental, constructive criticism.

Finsum: Advisors really need to utilize the full capabilities of artificial intelligence to grow and expand their business, and sales training could be a very valuable addition. 

The United States needs an "all-of-the-above" approach to meet the growing global energy demand, highlighting their own role as the largest producer and exporter of energy worldwide according to Rob Thummel of Tortoise.  

He notes that the U.S. has an abundance of low-cost, low-carbon energy options, which he views as critical for supporting economic growth both domestically and internationally. According to Thummel, U.S. energy resources help expand other economies while also driving growth at home. 

Additionally, he links the availability of affordable energy to the resurgence of advanced manufacturing and AI development in the U.S. This broad energy strategy, he argues, positions the country to lead in both innovation and economic stability.

Finsum: AI is going to have a drastic impact on the demand for energy in the coming years and with or without structural changes this will move markets in energy prices.

Morgan Stanley's CEO Ted Pick announced that artificial intelligence could potentially save the bank's financial advisers 10 to 15 hours per week by automating tasks such as transcribing and entering notes from client meetings. This AI tool is expected to significantly boost adviser productivity and help tailor investment strategies to better meet the needs of wealthy clients. 

Pick also predicted that high interest rates in the U.S. will continue, aligning with views from leaders at JPMorgan Chase and Goldman Sachs, and noted that this environment could benefit the bank's trading and market-making activities. 

Morgan Stanley plans to expand its lending to high-net-worth clients through more advanced financial products as deposits increase. Pick emphasized the bank’s commitment to maintaining its dividend while suggesting that stock buybacks would be influenced by market conditions. 

Finsum: By using AI to boost productivity this extra time could be devoted to deepening client relationships or new client adoption. 

A new group of traders is engaging in US power markets due to the rise in generative AI, according to Sarah Kiernan of Goldman Sachs. The increasing demand from data centers, electric vehicles, and onshoring is driving power needs. 

Data center power demand is projected to grow 165% by 2030. Hedge funds and asset managers are increasingly interested in power derivatives, seeking opportunities in this expanding market. Key regions like Virginia and Texas are experiencing notable power consumption increases. 

The shift to renewable energy also contributes to the optimism in the power sector. This growing focus on power markets signifies the broadening impact of AI innovation on various asset classes.

Finsum: Take this in combination with crypto and we could potentially see a boost in significant boost in demand for natural gas.