Wells Fargo to embed AI across wealth platform
Advisor Gateway launched for financial advisers, more AI tools in the works
Wells Fargo no longer views AI as a budget category, but as integral to product development.
“We fundamentally think about AI as part of the way we develop tools and deliver work,” Evelyn Varner, head of chief product office of Wealth and Investment Management (WIM) at Wells Fargo, told FinAi News.
With that strategy in mind, the $1.8 trillion bank developed and launched the desktop platform Advisor Gateway on May 7.
Advisor Gateway unifies more than 200 proprietary and third-party tools for Wells Fargo’s thousands of financial advisers, Varner said.
The platform is a product of a multiyear investment of roughly $1 billion by WIM, she said.
AI-native platform
The future tech ready Advisor Gateway is built to support multiple AI tools over time and consolidates proprietary systems, Varner said.
For example, it brings Wells Fargo’s Account 360, Client Review Center and Money Movement onto the same platform as the bank’s vendor tools, including eMoney Advisor, Morningstar, FactSet and, most recently, BlackRock’s Aladdin Wealth, she said.
Future of AI at WIM
As Advisor Gateway’s adoption grows, Wells Fargo plans more AI-driven tools to help its advisers, Varner said. Two key areas for imminent AI deployment are:
- Automating manual processes like documentation and compliance; and
- Providing extensive personalized experiences to clients.
“We plan on rolling out AI tools in a phased approach, beginning this summer,” Varner said.
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