Investing in Employee Training: The Key Challenge for Wealth Management Firms Amid Tech Upgrades
In today’s rapidly evolving financial landscape, wealth management firms are constantly investing in new technologies like AI to stay competitive and provide better services to their clients. However, a recent survey has revealed a significant challenge that these firms are facing: adequately training their employees to effectively use these new tech tools.
According to a survey conducted by Arizent, 67% of professionals in the wealth management industry feel that they are not adequately trained for the skill sets required to use new technologies like AI. This lack of training poses two major hurdles for employees: first, finding the time to practice with new technologies and overcoming any fears associated with AI, and second, receiving engaging and hands-on training that is more human-centric than the technology itself.
Rick Rummage, CEO of The Rummage Group, highlighted the importance of personalized training for employees to effectively learn and utilize new technologies. He emphasized the need for trainers to conduct in-person sessions to ensure that employees are familiar with the technology and can effectively incorporate it into their daily workflow.
Wealth management firms like Raymond James have recognized the importance of specialized tech training for their employees. The firm has implemented a program where designated “change ambassadors” receive in-depth training on new technologies and then return to their branches to train their colleagues as resident experts. This approach has proven to be more effective in ensuring that employees are up to speed with the latest tech advancements.
Similarly, Morgan Stanley Wealth Management has successfully integrated AI into its operations by providing digital and hands-on training to its financial advisor teams. The firm’s AI @ Morgan Stanley Assistant is now used by 98% of its financial advisors, showcasing the success of their training initiatives.
Orion Advisor Solutions has also prioritized employee training by establishing universities where staff and clients can attend technical training sessions multiple times a year. The company’s Align University combines software training from various acquisitions with training on Orion tech, offering attendees a comprehensive learning experience.
Overall, investing in employee training is crucial for wealth management firms to effectively leverage new technologies and stay ahead in the industry. By providing engaging and personalized training, firms can ensure that their employees are proficient in using the latest tech tools and can deliver exceptional services to their clients.
