Wealth management tech firm Vestmark announced this week an artificial intelligence product, Vestmark Pulse, that enables wealth managers to have round-the-clock insight into clients' portfolios.
Pulse works in the background to monitor portfolio positions, regulatory filings, market news and client data to identify when attention is needed, the firm said, noting it helps wealth managers shift from reactive to more proactive engagement and allows them to act within Vestmark workflows.
"The opportunity for AI in wealth management is not to generate more information. Advisors already have more information than they can act on," Freedom Dumlao, Vestmark chief AI officer and chief technology officer, said. "The real opportunity is to close the gap between knowing what matters and doing something about it. Pulse was built for that. It continuously identifies what needs attention, evaluates it in the context of the client and the portfolio, and helps the wealth managers and their teams move directly into action while staying in control."
When a client's portfolio breaches a concentration limit, a tax-loss harvesting opportunity emerges or a market event affects a specific holding, Pulse notifies the wealth manager and evaluates the event against the client's portfolio, constraints and history, suggesting how to take action, saving hours, the firm said.
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