How AI can fit into wealth management; SEC enlists advisors to do more in money- laundering fight; skill up to future-proof your career

TECHNOLOGY: Advisors are faced with cutting-edge tech that will reshape the industry, as well as questions about its reliability. Not everyone wants to be the first to test artificial intelligence. It takes time, can cost millions of dollars to develop and requires an endless amount of data input without the promise of a perfect output.

For advisors, "there's some that they don't know if it's accurate, and then there's some that just don't trust it," said Christopher Marsico, chief financial officer and a partner at Rossby , an open-architecture RIA platform based in Melbourne, Florida. "It's the accuracy of the data that I think is going to be the holdup for a lot of advisors."

Read: In AI we trust? The peril and potential of embracing AI in wealth

Related: Advisors trusting AI is hit or miss, Financial Planning survey shows

REGULATION AND COMPLIANCE: Broker-dealers, banks and other financial institutions are already required to collect customer ID information that can be useful in the fight against money laundering. Now the SEC and the Treasury want to give roughly 15,000 advisory firms registered at the federal level the same obligation.

The Securities and Exchange Commission joined the U.S. Treasury Department on Monday in releasing a 92-page proposal meant to enlist RIAs and so-called exempt reporting advisers (which work with private funds and venture capital funds) in the fight against money laundering.

Read: SEC, Treasury seek to drag RIAs deeper into money laundering fight

PROFESSIONAL DEVELOPMENT: As the wealth management field changes, altering the way professionals work and engage with clients, advisors are seeking ways to adapt and develop skills to meet new demands.

How are savvy advisors growing their toolkits? Catch up on our latest coverage on ways wealth managers are developing new skills to grow their careers and better support clients. 

Read: 5 professional development skills for advisors in a changing workforce

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