Cambridge Investment Research says it has an artificial intelligence-driven tool that can open accounts in 17 minutes — much faster than the nine days it typically takes for a staff team to do so.
Plus, the tool can complete a year’s worth of some account-opening work in just two hours.
“While we are still in the early stages of rolling out our proprietary solutions, we’re thrilled to see such significant results,” according to Sean Van Moorleghem, the firm's chief technology officer. The goal, he says, “is not to replace associates, but to allow them more time to deliver high-quality, personalized service to more clients.”
Cambridge’s digital associates are now focusing on account opening, but the firm says it's also working to expand its agentic-AI capabilities in brokerage account opening functionality — which is “nearing completion.” This effort is part of its strategy to use both human and digital associates to “work together to elevate service and support across the organization,” it noted.
“The timing of this advancement couldn’t be better,” according to Valarie Vest, executive vice president and chief experience officer at Cambridge. “We’re enjoying incredible recruiting success, and having this productivity-building resource at our disposal allows us to get advisors up and running in our system quickly while still having the capacity to provide hands-on support for the more complex aspects of their transition.”
“Our ongoing investment in innovation enhances our culture and ability to deliver the level of support our advisors deserve,” Vest continued. “The incredible work of our technology team will push us further, enabling our associates to do more, expand their skill sets and enjoy a more fulfilling and collaborative work environment.”
Fairfield, Iowa-based Cambridge worked with about 4,000 financial advisors with $236 billion in total assets under advisement as of June. 30.
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