Trusted advice and the role of AI in wealth management
By Whittier Trust
Artificial intelligence has changed how people access financial information. Today, it’s easier than ever before to ask an AI assistant about investment concepts.
But for ultra-high-net-worth clients and their families, simple information has never been the scarcest resource. The greater need is for sound judgment, the ability to understand what the information means, determine how it applies to their family, and to have someone to translate it into a thoughtful course of action.
At Whittier Trust, we see AI as an important evolution in wealth management technology—one that improves efficiency and expands access to knowledge. Still, what it cannot do is fully understand a family’s goals, reconcile competing priorities, coordinate trusted advisors, or help multiple generations make consequential decisions together.
AI has already become a valuable tool inside the advisory process. As Whittier Trust Senior Vice President and Portfolio Manager Mat Neben explains, “AI can be helpful for summarizing different planning tools or techniques, speeding up the research and preparation process.” Used thoughtfully, artificial intelligence in wealth management helps advisors evaluate strategies more efficiently and spend more time applying expertise instead of gathering information.
Clients benefit, too. Many now arrive with a stronger understanding of financial concepts and better questions. That creates richer conversations and allows advisors to focus less on explaining concepts and more on developing strategy.
Wealth Management is Personal
But knowing what strategies exist is not the same as knowing which strategy is appropriate for a family. “There’s a reason that they call personal finance personal,” Neben explains. “There’s no one best investment plan that works for everybody. It might be right or technically valid in isolation, but it might not be right for a specific family.”
As AI use cases in wealth management continue to expand, that distinction becomes even more important. AI can explain how a strategy works. It cannot determine whether it aligns with a family’s long-term objectives, governance structure, tax considerations, or values. Ultimately, those human, high-touch elements are often the factors that determine whether a financial plan succeeds.
The strongest family wealth management plans are built not only on financial analysis, but on conversations that reveal what matters most to the people behind the balance sheet. Family businesses, inherited wealth, charitable aspirations, and differing priorities across generations all influence financial decisions in ways no algorithm can fully capture.
“All those intangibles have a huge impact on the best financial plan for a family,” Neben says. “It could be a real challenge for a piece of software to navigate family dynamics, goals, fears, and values when you’re trying to craft a comprehensive financial plan that’s going to last for generations.” That complexity makes a thoughtful, engaged human advisor indispensable.
AI-Driven Financial Planning Has Its Limits
For many Whittier Trust clients, the challenge isn’t simply choosing an investment strategy. It’s coordinating trusts, businesses, philanthropic entities, tax planning, estate strategies, and multiple generations whose priorities don’t always align. Our ultra-high-net-worth clients expect—and need—white glove service at every stage. That care extends far beyond the primary wealth earner, and often includes meetings and dedicated advisors paired up with members of the second and third generations.
Those conversations involve wealth, legacy, succession, and family relationships. They require trust that develops over years—not prompts entered into a chatbot.
The same human element extends beyond the family itself. Wealthy families rarely make decisions in isolation. Attorneys, accountants, insurance professionals, and investment advisors all contribute specialized expertise. Bringing those perspectives together into a cohesive strategy requires coordination and leadership—and a personal touch.
“Even in a hypothetical world where you use an AI tool and it comes up with an effective plan, just coordinating that plan and getting buy-in from all the different stakeholders is an incredibly challenging process,” Neben notes. That coordinating role is incredibly valuable, as advisors help families build consensus and move from good ideas to successful implementation.
When it comes to building and executing a complex financial plan—that may include estate planning, incorporating nuanced tax code, philanthropy, family trusts, real estate portfolios, investments, and more—human advisors are invaluable. That high-touch, personal element allows client family members to talk with their trusted advisors, who understand their goals and the heart behind them. Then, they come up with the best course of action. Advisors, such as those providing family office services at Whittier Trust, are uniquely positioned to provide continuity from one generation to the next, which increases the likelihood that future generations will stick to the plan.
None of this suggests AI should be resisted wholesale. Instead, it can become a valuable tool when used judiciously. The best advisory firms are already incorporating AI into their reporting, research, and planning tools to surface insights faster and improve efficiency. “We have best-in-class reporting software, some of which is really leaning into AI to help surface insights, make us more efficient, and deliver better outcomes for our clients,” Neben notes.
Ultimately, even the best financial plan will face moments of uncertainty. Markets become volatile, tax laws change, and family circumstances evolve. The greatest challenge is often not creating the plan but maintaining confidence in it. That’s where a trusted advisor, with a long-term relationship with the family, can help allay concerns, talk through the reasons why sticking to the plan is the best course of action, and make thoughtful pivots—based on strategy, not fear—when needed.
AI is transforming how financial information is gathered and delivered. But for families navigating wealth across generations, lasting success will continue to depend on experienced judgment, thoughtful coordination, and trusted relationships.