Wealth management firms across the country are preparing for artificial intelligence to transform nearly every aspect of their operations. Yet, according to Financial Planning's latest AI Readiness Survey, the top priority for many firms is simple: educating employees about AI.
Out of 250 advisors surveyed, nearly half (44%) reported that their firms are focusing on AI education—outpacing investments in tech infrastructure upgrades or new AI policy development. Industry leaders such as LPL Financial and Merrill are at the forefront, launching comprehensive training initiatives to help advisors understand and apply AI in their daily work.
At Merrill, Inez Louzonis, head of platforms and capabilities, emphasized the firm's twofold approach: teaching advisors to use existing tools effectively while encouraging them to envision new AI use cases.
According to Financial Planning, firms are leveraging AI to streamline routine tasks and reduce administrative burdens. LPL Financial, for example, has partnered with Jump, an AI assistant that automates notetaking and meeting preparation. Stephen Chien, vice president of AI business strategy at LPL, explained that the technology saves advisors up to an hour per meeting while improving the client experience.
Financial Planning reports that both firms employ a broad educational strategy to reach advisors with varying levels of technical expertise. LPL offers online learning modules, webinars, and live conference breakout sessions. At the firm's Focus conference in August, over 3,000 advisors and team members attended AI training sessions. Merrill takes a similar approach, combining online and in-person workshops, open office hours, and one-on-one market visits from specialized trainers.
Louzonis noted that even traditionally tech-averse advisors are adopting AI tools more quickly than expected. To further inspire adoption, Merrill hosts "best practitioner" sessions where advisors share real-world AI applications. These sessions, along with direct feedback channels and collaborative playbooks, create what Louzonis calls a "feedback loop" that helps advisors think creatively about AI integration.
LPL has established an internal AI council composed of tech-savvy advisors who share insights and guide training content. While only 14 percent of firms currently have such councils, Chien said LPL's model helps build trust and transparency among advisors. "Advisors always enjoy hearing from other advisors," he said.
Chien emphasized that maintaining client trust is essential: "When we vet a tool, we make sure the cybersecurity is there. That trust is the foundation of how advisors serve their clients."
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