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Alexa Wealth Management is Developing Faster than you Think

LAS VEGAS — Alexa can now do much more than check an account balance. Robert Kirk, Founder and CEO of InterGen Data, Inc. demonstrated how Alexa could now handle a 529 account opening in minutes at the T3 Enterprise Conference in Las Vegas.

Showcasing just how quickly virtual wealth management tools have developed, Robert Kirk, founder and CEO of artificial intelligence-driven forecasting firm InterGen Data, smoothly executed an entire 529 account opening in minutes using only Amazon’s voice assistant.

The assistant never skipped a beat, asking Kirk all the questions an advisor would to open an account: Who was the beneficiary? How much would the monthly contribution be? What account would be funding the plan?

The application was built for a wealth management client, and what he showed off was a truncated version for the audience demonstration that took just two weeks to build. The point to the dramatics, he said, was to underline the pace of automation in financial planning.

"If you don't think about putting AI into your practice, [other firms] are going to take your business,” he said.

Despite a complex web of integration issues across the industry, AI’s increasing role in wealth management is one of the main factors rapidly shaping development of financial planning technology, firms gathered at this year's T3 Enterprise conference said.

Kirk, who formerly owned an RIA before turning to advisor tech development, said that AI and predictive analytics automation in wealth management would actually develop faster than most observers originally expected because the majority of clients all share many of the same life experiences.