Stan Gregor, CEO of the $25 billion registered investment advisor Summit Financial, outlined a three-phase roadmap for artificial intelligence adoption in wealth management during a June 2026 panel at Wealth Management EDGE. Gregor argued that advisory firms failing to adopt these tools will lose client accounts to competitors who do, rather than to the technology itself.
Three phases of AI adoption
The first phase, currently underway, targets administrative efficiency. Gregor noted that financial professionals spend excessive time on back-office tasks, billing, reporting, and portfolio rebalancing. He views this initial stage of AI as returning time to advisors that administrative work previously consumed.
The second phase focuses on marketing, client communication, and investment research synthesis. Gregor explained that AI could soon monitor the top 20 investment firms, consolidate their market views, and generate a polished one-page summary for an entire client base in seconds. This replaces a process that currently requires multiple staff members and hours of manual effort.
The third phase introduces a direct competitive threat for firms that ignore the technology. Gregor warned that advisors who apply AI effectively will capture clients involved in generational wealth transfers, making this a critical topic for AI for Executives & Strategy, while those who do not will lose those relationships.
The enduring value of human connection
Terry Cook, CEO and managing principal of the $3 billion Parcion Private Wealth, agreed with the need to adopt AI but cautioned firms against hiding behind the technology. Cook emphasized that deep human relationships remain the primary differentiator in wealth management. "The person who takes my client's kids to lunch and understands what they're struggling with, and they can't talk to their parents about... those are the people that are going to win," Cook said.
Parcion specializes in guiding business owners through exits, succession planning, and wealth transfers. Cook expects technical services, such as mitigating tax effects during transitions, to become democratized and less unique. Consequently, his firm is doubling down on understanding client values and personal concerns.
Why this matters for management
Leaders must evaluate their current technology stacks and operational workflows to identify immediate administrative bottlenecks. Simply purchasing AI tools is insufficient; management teams must simultaneously train staff to maintain high-touch client relationships, as technical execution will soon become a baseline commodity rather than a competitive advantage.
Your membership also unlocks:
