AI adoption at US wealth firms lifts productivity without cutting jobs
The authors cautioned against attributing this gap entirely to AI, noting that adopting firms were already outgrowing peers before widespread deployment began; suggesting that firms with the means to invest in AI are also those with the momentum to perform.
“Meaningful adoption is occurring primarily among firms with the scale, resources, and operational complexity to invest in enterprise initiatives,” said Alois Pirker, founder and chief executive of Pirker Partners. “This study provides a baseline for understanding where adoption actually stands and how it evolves over time.”
What are advisors actually doing with the technology?
Use cases remain firmly operational at this stage. Nearly half of disclosing firms cited AI for administrative efficiency (note-taking, summarising client meetings, updating CRM systems, and drafting documents) according to the Astraeus report.
Investment research was the second most common category, referenced by just over one-third of disclosing firms. Fewer than 5% reported using AI as a direct input into asset allocation or security selection. Over half of enterprise, large, and mid-sized RIAs explicitly stated in their disclosures that AI does not make investment decisions.
That restraint also shapes how firms communicate with regulators. Of the firms that disclosed AI use, 42% discussed risks only, 55% balanced risks and benefits, and just 4% led with benefits. The report’s authors argue this reflects legal counsel’s influence on disclosure language — and means the public record on AI use almost certainly understates actual adoption across the industry.
