Wealth management industry sees leadership shifts and AI adoption gains

The retirement and wealth management industry is seeing significant leadership changes and technological shifts. Adam Clark has been named the new head of wealth planning at Citi Wealth, the wealth management division of Citigroup Inc. Clark, who joins in November and will be based in New York, previously held senior roles at J.P. Morgan and Goldman Sachs. Additionally, Arden Trust Co. has appointed Aaron Reber as its new president to lead strategic growth initiatives.

In terms of technology, a survey by Fieldguide Inc. of 400 auditing and advisory professionals indicates that firms heavily integrating artificial intelligence into core workflows are seeing notable benefits. Approximately 74.5% of active AI deployers reported a profitability increase of at least 10%, compared to 52% of casual users. Active deployers also reported higher revenue growth, increased capacity, and improved staff retention rates.