AI revolution in full swing, but it won’t replace advisors: HSBC
“I am excited about what AI will do for us,” said Racquel Oden of HSBC.
AI is continuing its inexorable rise across industries, including wealth management, but the booming technology will not usurp the important role performed by advisors, according to Racquel Oden, US head of wealth, premier and global private banking at HSBC.
Oden, who was speaking during the opening keynote at the Women Advisor Summit in New York City, is confident that clients’ ongoing need for the skills of human advisors will outweigh the impact of AI.
“AI won’t replace advisors,” she said. “There’s a reason why – the level of advice needed.”
Specifically, Oden emphasized the need and desire for “true, one-on-one” advice.
During her keynote, Oden also highlighted the shortfall of advisors in the U.S., compared to the number of people who need advice.
“About 53 million people are looking for advice,” she said, citing data from McKinsey & Co. on how many Americans are working with financial advisors,and noted that this will reach about 75 million by 2030. “So the reality is there is demand for advice.”
With regard to the technology itself, she sees positives, while also acknowledging its shortcomings. “I am excited about what AI will do for us, because it will make us more productive,” she said, explaining that this will let advisors sit down with more clients and do more one-on-one work.
Recent research from Morningstar found that 80% of advisors now use AI in some form, up from 67% last year. Some 48% percent of the advisors surveyed in the Morningstar research said that AI had significantly or moderately improved their efficiency, up from 36% last year.
However, AI lacks EQ, and it will take generations of the technology to develop that, Oden added, during her keynote.
As in other wealth management industry gatherings, AI was a recurring theme during the Women Advisor Summit. Speaking during a panel discussion, Lisa Salvi, head of business consulting & education at Schwab Advisor Services urged more women advisors to get involved in AI. “Nothing at all can replace trying it,” she said.
“I have been hosting events, we have done roundtables, we have done AI summits,” Salvi added. “I would love to see more women show up for these events.”
Denise Milano Sprung, chief marketing officer at Mitlin Financial, said that firms that are not harnessing AI could even see their advisors leave for more AI-savvy competitors. “It’s moving at such a quick pace,” she said. For advisors who are at firms who are AI laggards “it may be time to look for a new job,” Milano Sprung added.
AI adoption among independent RIAs is accelerating rapidly, according to research released in January by Schwab Advisor Services. The study, which was conducted in late 2025, found that 63% of firms are using AI in some capacity, more than doubling from 2023.
Stacy Francis, president and CEO of Francis Financial, pointed to the benefits of AI to the advisor community. “Everyone is using AI to get better,” she said. Specifically, Francis used the example of a client meeting that didn’t go well – when she asked her “very critical” Jump notetaker for feedback on how she approached the meeting, she was somewhat taken aback by its response. “I was like oh my god, you’re right!” she said.
“I feel like there’s a lot of really good pieces that we can use,” Francis added.
The Women Advisor Summit featured more than 20 speakers across more than 10 content sessions at Nov. 5 at 583 Park Avenue on Manhattan’s Upper East Side. The Summit concludes with the Women to Watch Awards, which honor the most influential women in wealth management. Prudential Wealth Advisors is the headline partner for the events.
