Schwab’s Clark, Bradley Tout 2 Emerging Tech Tools for RIAs

Schwab launched the AI phone system Wednesday, Bradley told ThinkAdvisor. “The interesting thing about this system is it’s designed to do the opposite of what most telephone systems are designed to do,” he said. Most phone systems are automated and tell callers to press certain numbers to get the person or department they need, he noted. In other words, “They’re designed to do everything but get you to a person” you need to speak to right away, he joked, adding: “Our system is actually designed to get you to someone as quickly as possible, and to get you to the right person” immediately.

This is an “investment in first-call resolution” by Schwab to help their advisors, Bradley said. As an example, he pointed out that while just about anybody available when a Schwab advisor calls may be able to help with a simple request like checking on a wire transaction, advisors with a more advanced question, such as one involving an estate account, are going to be better served by talking to an expert in that area.

In 2019, Schwab Advisor Services handled more than 3 million incoming calls from its advisor clients, or more than 8,000 calls per day, the company says at its website.

Therefore, the firm “saw an opportunity to handle the volume more effectively by employing the latest developments in artificial intelligence,” it notes, adding: Although the RIA industry has grown increasingly complex, it became apparent that the number of incoming calls from advisors could be reduced by enhanced digital capabilities and, with improved voice-assistant technology, ensuring that when they do call, they get the right answers the first time.”

Schwab Advisor Services analyzed more than 2.5 million phone calls to “uncover the most common requests advisors have when they call,” and the reasons cited varied widely — address changes, trading questions, trust accounts and alternative investments — “but commonalities emerged,” it says. The most important point: “Essentially, advisors want to speak to the right person, the first time, to answer their questions,” Schwab says.

The new voice technology is “as simple as interacting with the natural-sounding voice, explaining the reason for the call, and being routed to the right person for immediate help,” according to the company.

“The voice assistant is part of our multi-year, multi-layered journey to deliver a more modern approach to supporting advisors,” according to Jalina Kerr, senior vice president of Client Experience at Schwab Advisor Services. “As advisor businesses grow and evolve, so does our support for them,” she said in a statement, adding: “We need to handle inbound calls elegantly, because time spent on hold is time that advisor could be spending with clients and we could be spending more productively, supporting advisors and their businesses where they need us.”

— Check out How Schwab Plans to Sweeten the Deal for Small RIAs After Merger on ThinkAdvisor.