“We’re focusing on services for clients,” said Robert Steinberg, CEO of in Philadelphia is trying to identify operational areas at the firm that AI can automate, said executive vice president Jeff Metz. At the same time, Metz said he was concerned about licensing issues around AI. “Who owns the data?” Metz said. “That’s a real problem.”

Blue Chip is testing to see if AI can “improve what we do for clients” and how the firm should reallocate its resources, Steinberg said. Colony is installing a proprietary AI system to help integrate its disparate software applications, and to use internal data to communicate more effectively with clients, according to Nathanson.

At the very least, advisors should learn how to use AI to increase productivity, said Matt Moberg, senior vice president and portfolio manager for Franklin Equity Group, speaking at an AI panel at the conference. “You won’t get replaced by AI right away,” Moberg said, “but might get replaced if you don’t know how to use it.”