Skip to content
Thursday, October 29, 2026 · Today’s edition, 6:30 a.m. ETThu, Oct 29 · 6:30 a.m. editionSign inMy Desk 0EditionsSign in

RIAs doubled AI adoption. The payoff is still unproven.

A BCG finding that just 6% of companies have seen AI reduce costs or grow revenue puts practice owners on the hook to prove the tool adds clients.

At a glance

  1. The number lands awkwardly for RIAs, where adoption is running well ahead of evidence that the spending pays: Schwab's 2026 RIA Benchmarking shows use among independent advisors has more than doubled since 2023, while the share reporting full strategic integration sits at one in ten.
  2. Administrative convenience is not a bad outcome for a business whose product is advisor time, but it is not a P&L outcome.
  3. Every practice that has bought AI now has to say which hour of an advisor's day the tool purchased and what revenue followed it into the book.

According to a BCG study cited by Financial Planning, only 6% of companies that adopted AI have seen the technology cut costs or lift revenue. The number lands awkwardly for RIAs, where adoption is running well ahead of evidence that the spending pays: Schwab's 2026 RIA Benchmarking shows use among independent advisors has more than doubled since 2023, while the share reporting full strategic integration sits at one in ten. For the rest, the column argues, AI is administrative convenience—note-taking, email drafting, and meeting summaries.

Administrative convenience is not a bad outcome for a business whose product is advisor time, but it is not a P&L outcome. A note-taking tool that saves 45 minutes after each review meeting creates value only if those minutes become another client meeting, another prospecting call, or capacity to serve more households. The column's anecdotes show how easily that conversion fails: one planner told Financial Planning she uses the freed time to prepare more deeply for the next client meeting, a quality gain with no direct effect on AUM; another advisor now stops working at 2 p.m. while his AUM and client satisfaction scores stay stable enough that his firm has not noticed what happened to his afternoons.

Every practice that has bought AI now has to say which hour of an advisor's day the tool purchased and what revenue followed it into the book. That calculation requires a growth discipline attached to adoption: a target for added AUM, a quota for new conversations, a demonstrably larger number of households each advisor can serve. Without that discipline, the AI budget rests on hope—and the evidence base for hope, at least in the BCG data, is 6%.

Reported by the Practice management desk from Financial Planning. Published . Corrections

Related

Advisors

Schwab Advisor Services net new assets rise 47% in Q3

CEO Rick Wurster drew a contrast with Fidelity after Fidelity told sub-$100 million custody clients to move by June 2027.

Advisors

Anthropic announces Claude plugin connecting to Schwab, Orion and advisor systems

The plugin connects to providers including Schwab, Orion, Addepar, BlackRock, Envestnet, iCapital, Wealthbox, Wealth.com and Zocks, with advisors choosing which services to connect during setup.

Advisors

Fidelity tells sub-$100M custody clients to move as Schwab stops short of a promise

The threshold counts assets held at Fidelity rather than total firm AUM, and Schwab cites the 11,000 micro-practices it already serves while stopping short of a promise.

Advisors

Hackers used AI agents against over 2,250 Microsoft 365 organizations

The NSA, with NIST and CISA, released guidance for organizations preparing for and managing AI-related control incidents.

Advisors

84 of CNBC Financial Advisor 100 never appear in AI answers

A Gregory review of 8,389 AI answers found Mercer Advisors in 26.6% of responses and LPL Financial in 0.4%.

Wealth Advisor Dailyfrom Private Wealth Daily

Practice management, recruiting, RIA M&A and the platforms advisors run on. Daily at 6:45 a.m. ET.

Free. Every morning. Unsubscribe from any edition in one click.

From other sections