AI for Financial Advisors: An Expert’s Advice on How and Where to Start

John O’Connell, Founder and Chief Executive Officer of The Oasis Group

 

With hundreds of AI solutions entering wealth management, how can financial advisors determine which tools are worth adopting? John O’Connell, Founder and CEO of The Oasis Group, shares practical guidance on AI implementation, technology selection, data integration, and risk management—and explains why solving the right business problem matters more than adopting the latest technology.

In Summary

Artificial intelligence is creating new opportunities for financial advisors to improve efficiency, strengthen client relationships, and build more scalable businesses. But with AI capabilities evolving almost daily, determining where to start – and which solutions will deliver meaningful results – has become increasingly complicated.

John O’Connell, Founder and CEO of The Oasis Group, works with RIAs, broker dealers, trust companies, and family offices to evaluate, implement, and integrate technology. His firm’s AI WealthTech Map has grown from 17 to 135 companies in approximately 18 months, offering a revealing look at the expanding universe of AI solutions available to advisors.

In this conversation with Louis Diamond, John explains how firms can identify valuable AI use cases, evaluate vendors, establish appropriate safeguards, and prepare for a future in which clients are becoming increasingly sophisticated users of AI themselves.

His central message: Start with the business problem, become an educated buyer, and remember that human judgment remains essential.

The Storyline

The challenge isn’t finding AI. It’s knowing what to do with it.

A new AI tool launches, an existing wealth management platform announces additional capabilities, or a colleague shares an impressive demonstration. For advisors eager to improve efficiency and stay competitive, the temptation to adopt the latest technology is understandable.

But John O’Connell believes that approach often puts the technology ahead of the business need.

As Founder and CEO of The Oasis Group, John helps wealth management firms make smarter technology decisions, from selecting and implementing platforms to integrating data and developing effective workflows. His experience offers a perspective on both the opportunities AI creates and the practical challenges firms encounter when putting it to work.

And those challenges are becoming more complicated.

The Oasis Group’s AI WealthTech Map now includes 135 individual companies, representing approximately 550 variations of capabilities and licensing options. That doesn’t include established wealth management technology providers that are incorporating AI into their existing platforms.

For advisors, the sheer number of choices makes it increasingly important to understand what they’re buying, what their existing technology can accomplish, and whether a new solution will actually solve a problem.

John’s advice is to start small, but think strategically.

He shares a surprisingly simple first use case: Ask AI to interview the employee who knows how to perform an undocumented business process. The result can be a documented workflow that reduces operational risk while helping employees learn how to use AI effectively.

From there, firms can begin identifying opportunities with greater potential impact, including client acquisition, internal knowledge management, operational efficiency, and business scalability.

But successful implementation requires more than identifying promising applications.

John explains why advisors should establish detailed requirements before attending vendor demonstrations, understand the limitations of APIs and Model Context Protocols (MCPs), and create AI policies that address data protection, employee training, and accountability.

The conversation also examines an important distinction between employee and independent advisors.

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