Advisors: AI Won’t Revolutionize Client Acquisition
- Market data firms are promoting artificial intelligence as a solution for identifying ultra-high-net-worth individuals, but leaders at prominent advisory firms remain skeptical.
- "When we're looking for clients with north of $100 million, I struggle to think they're going to take a cold email and say, 'Yes, here's my balance sheet,'"...
- Fleissig explained that referrals are more effective,often stemming from personalized service. He cited an instance where Pathstone quickly arranged a private jet for a client traveling from New...
AI’s Promise too Find Ultra-Wealthy clients Falls Flat With Top Advisors
Market data firms are promoting artificial intelligence as a solution for identifying ultra-high-net-worth individuals, but leaders at prominent advisory firms remain skeptical. They argue that while AI can locate data and contact facts, securing these clients requires a more personal approach.
“When we’re looking for clients with north of $100 million, I struggle to think they’re going to take a cold email and say, ‘Yes, here’s my balance sheet,'” said Matthew Fleissig, CEO and co-founder of Pathstone, a registered investor advisory with $182 billion in client assets. He shared this assessment with CNBC’s Inside Wealth newsletter on January 23, 2026.
Fleissig explained that referrals are more effective,often stemming from personalized service. He cited an instance where Pathstone quickly arranged a private jet for a client traveling from New Orleans to albany, New York, to see their ailing mother.
“Those types of things are how we are able to grow the business.We create moments that matter.”
He believes AI-driven client prospecting hasn’t lived up to the hype from startups.
“These databases have been around forever, and now people have added an AI overlay to be able to mine the database,” Fleissig said. “Most of the time,it’s very similar strategies of aggregating data sources that are public or you can pay for,and trying to feed you lists of people. We, at this point, can do that ourselves.”
A growth executive at a national registered investment advisor (RIA) reported conducting at least 20 demonstrations of AI client prospecting tools in the last six months. The executive, who requested anonymity, said most tools rely on established large language models (LLMs) such as Claude and GPT.
“you’re slapping a coat of paint on one of five major LLMs and selling through the fact that ‘oh our info is better,'” the executive said.
This article originally appeared in CNBC’s Inside Wealth newsletter.