Generative AI Tipping Point

Recap

The FCS “Cocktails with Content” event, held on September 24, delved into the transformative role of Artificial Intelligence in the wealth and asset management industry. Hosted at a lively reception with a very engaged audience, the event featured Cory McCruden, Managing Director of Wealth & Asset Management at EY, and Lananh Nguyen, U.S. Finance Editor at Reuters. Their discussion explored the future of AI and how its applications are reshaping the industry, from marketing to client services. Here are some key takeaways from their conversation.

The Evolving Partnership of AI in Marketing
Cory framed the role of AI in marketing as an evolving partnership between humans and machines. She referenced a recent survey conducted among leading Chief Marketing Officers (CMOs) in the asset and wealth management sectors on their use of AI. Cory noted that, increasingly, CMOs are concentrating on leveraging AI to enhance revenue growth by utilizing targeted, customized data collection methods. This growing emphasis on first-party data is vital not only for driving more informed AI models but also for navigating the ever-changing compliance landscape.

The current lack of clear regulatory guidance on AI use was acknowledged as a significant challenge. The compliance concerns are especially tricky in finance, where the stakes for data privacy and accuracy are high. To manage these challenges, Cory emphasized the importance of knowing an AI vendor’s history and operational model before integrating the technology into marketing workflows. With AI still relatively new to many in the marketing world, ensuring trustworthy vendor partnerships is essential for reducing risks.

The Growing Need for Prompt Engineering
In the same vein, Cory and Lananh touched on the increasing relevance of “prompt engineering”—a skill that is quickly becoming a core competency in digital marketing. As AI technology integrates deeper into marketing practices, the ability to craft effective prompts that elicit valuable AI responses will soon be a must-have skill for marketers, especially those at the entry level. Cory encouraged attendees to keep honing their skills to stay ahead in this rapidly changing environment. She mentioned that early-career marketers who understand the fundamentals of prompt engineering will be better equipped to leverage AI in a meaningful and productive way.

AI’s Trajectory Beyond Cost Savings
Another major theme of the discussion was the real business implications of generative AI and its role in evolving corporate priorities. Lananh highlighted a shift in how organizations view AI—from a cost-reduction tool to a revenue generator. No longer is AI just being used to automate repetitive tasks like customer service or content summarization. Instead, leaders are now seeking “sophisticated use cases” for AI that could genuinely enhance customer experiences and create new business opportunities.

Lananh pointed out that there’s an emerging vision for AI to take on client-facing roles, such as flight booking or vacation planning, and potentially even offer financial advice. However, she and Cory were clear that this ambitious future still requires a “human in the loop” approach. Given the highly regulated nature of finance, human oversight is critical to ensure AI operates safely and effectively. Cory elaborated that AI models, no matter how advanced, are still prone to inaccuracies, sometimes producing incorrect information, commonly referred to as “hallucinations.” Thus, continuous human interaction with AI systems is needed to maintain the level of trust and accuracy expected in financial services.

The “Assembly Line” Vision
The concept of the “assembly line vision” was also introduced during the discussion, illustrating the way AI will shape the workplace. Cory explained that while AI might not replace entire human jobs, it could take over specific components of people’s daily workflows. Similar to an assembly line, certain tasks within a role can be broken down and optimized by AI, thereby augmenting human capabilities rather than outright replacing them. This nuanced approach could help alleviate fears of job displacement while simultaneously allowing professionals to focus on more creative and strategic aspects of their work.

The Future of AI in Wealth & Asset Management
Looking forward, Cory and Lananh were optimistic about AI’s potential to become an integral part of everyday life, even as it raises important questions about workforce changes and regulatory challenges. As corporations continue to invest heavily in AI, the expectation is that many current limitations will be resolved, leading to more sophisticated, compliant, and impactful AI solutions. However, as the discussion made clear, this future vision requires a careful balance between automation and human input—a balance that will define the success of AI in wealth and asset management for years to come.

Overall, the FCS event provided an insightful glimpse into how generative AI is reshaping wealth management—an industry where both innovation and caution are paramount. The conversation underscored the promise of AI as a tool for not only enhancing business operations but also for driving revenue growth and redefining how humans interact with technology.

–reported by FCS Marketing Scholars Adeyinka Maddy and Malcolm Solan of Fordham University