Wealth managers are gradually embracing generative AI, with private banks leading adoption and nearly a quarter already running production use cases. Over one-third of surveyed firms plan to invest more than $50 million in AI, though most still seek clarity on how and where to apply it. Larger firms with over $50 billion in AUM are far ahead in implementation. GenAI is expected to transform CRM and client engagement strategies, especially as generational wealth transfers reshape expectations. While enthusiasm is high, firms must align AI initiatives with broader technology priorities and ensure human oversight remains central.

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