Wealth managers look to AI for operational gains

Boutique wealth managers may find AI’s clearest near-term value in reducing administrative work rather than replacing advisory judgment. Kevin Andrews, chief operating officer at Bentley Reid, said the firm has moved from broad experimentation to a focus on safe, practical use inside a regulated business.

Bentley Reid has introduced an AI policy and governance framework, with staff using tools such as Copilot for research, summarization, drafting and productivity tasks. The firm does not allow AI to make investment decisions or generate client advice. Andrews said relationship managers spend significant time preparing for meetings, writing reports, documenting conversations and finding information, making productivity a key opportunity.

The most useful applications so far have been relatively simple, including summarizing information, preparing first drafts, extracting meeting actions and structuring documents. Andrews said adoption depends on whether tools continue to save time and solve real problems, while reliable implementation requires structured data, accessible systems and repeatable value.

Human accountability remains central to Bentley Reid’s approach. Generative AI can produce convincing but incorrect answers, so staff remain responsible for reviewing and approving final output. Andrews expects the strongest adopters to be firms that build sound foundations and integrate AI into their operating models without amplifying weak processes or poorly understood data.