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Financial Firms Ramp Up AI Spending, But ROI Measurement Lags Behind
A 2026 survey of wealth‑management and brokerage firms shows AI spending has surged, but most still struggle to quantify the returns. The findings, released by wealth‑management consultancy F2 Strategy, cover 40 leading RIAs, wealth‑management firms and broker‑dealers that together manage $8.6 trillion in assets.
The survey shows that 64 % of wealth‑management firms and 83 % of bank and trust respondents lack a unified data layer that would enable AI projects to function effectively. According to the report, 68 % of firms that do measure AI gains report a 25 % increase in efficiency in targeted workflows. The data also reveal a widening gap between "AI leaders" who assemble agentic technology stacks and firms that are 12 to 24 months behind.
Doug Fritz, co‑founder and executive chairman of F2 Strategy, said the industry is "seeing a very loose correlation in 2026 between firms’ spend on both AI technology and its tokens and a meaningful measurable value in a classic sense to the business." He added that many firms view the future existence of the firm itself as the return on AI initiatives.
Despite concerns that AI could reduce jobs in financial services, a July 2026 study by Crisil Coalition Greenwich found that more than half of U.S. brokers expect to increase headcount across desk coverage (52 %), on‑desk trade assistants (48 %) and algorithmic sales (45 %). The hiring plans come amid near‑record equity‑trading volumes and expectations of further growth driven by high‑profile initial public offerings, including those of SpaceX and OpenAI.
The same study reports that about one third of brokers currently use AI for real‑time algorithm optimization (32 %), venue selection (29 %) and market‑data analysis (29 %). Compliance and surveillance adoption remains low at 12 %, but 44 % of brokers plan to implement it in the near term.
Jesse Forster, senior analyst in Market Structure and Technology at Crisil Coalition Greenwich, said the human element is becoming more central. "As automation handles routine tasks, brokers see rising value in judgment, client relationships, exception management, and the ability to explain and defend decisions – skills machines still cannot replicate," he noted.
On the retail side, Bank of America announced enhancements to EricaAssist, its generative‑AI‑powered tool that supports more than 18,000 customer‑service representatives. The updated system delivers contextual guidance in under three seconds, helping employees summarize client needs, surface relevant information and recommend next steps without interrupting the conversation. Bank of America said EricaAssist already reduces average call times by nearly one minute per interaction. The bank spends $14 billion annually on technology, of which more than $4 billion is directed toward new initiatives including AI.
Ashley Ross, head of consumer client experience and business transformation at Bank of America, said the tool "reflects our high‑tech, high‑touch approach." She added that the bank plans to expand EricaAssist to additional servicing scenarios and business lines later in 2026.
For independent advisors, Vise Technologies, Inc. and Alpha Architect have partnered to bring AI‑powered, tax‑optimized custom model portfolios to RIAs of all sizes. The integration allows advisors on the Vise platform to deploy Alpha Architect’s research‑driven, rules‑based investment strategies and tailor each one to individual clients, accounting for concentrated positions, values‑based exclusions and tax circumstances.
Vise’s platform holds more than $100 billion in platform assets across more than 100 advisory firms and 135,000 accounts. Samir Vasavada, CEO and co‑founder of Vise, said the partnership gives advisors "the capability they have long sought." Jack Vogel, co‑chief investment officer of Alpha Architect, echoed that sentiment, noting that the combination "never really existed" before.
The developments illustrate a market that is moving quickly, even if the return on that speed remains to be calculated for many firms. As AI adoption accelerates across wealth management, capital markets and retail banking, the industry’s challenge is to translate investment into measurable outcomes.
In the coming months, firms will likely focus on building unified data layers, establishing clear ROI metrics, and expanding AI applications that enhance human judgment rather than replace it. Regulatory bodies and industry groups may also step in to provide guidance on best practices for measuring AI impact.
The story remains open: how quickly can the financial sector close the gap between ambition and accountability, and what new AI tools will emerge to deliver tangible value to clients and employees alike?
The survey shows that 64 % of wealth‑management firms and 83 % of bank and trust respondents lack a unified data layer that would enable AI projects to function effectively. According to the report, 68 % of firms that do measure AI gains report a 25 % increase in efficiency in targeted workflows. The data also reveal a widening gap between "AI leaders" who assemble agentic technology stacks and firms that are 12 to 24 months behind.
Doug Fritz, co‑founder and executive chairman of F2 Strategy, said the industry is "seeing a very loose correlation in 2026 between firms’ spend on both AI technology and its tokens and a meaningful measurable value in a classic sense to the business." He added that many firms view the future existence of the firm itself as the return on AI initiatives.
Despite concerns that AI could reduce jobs in financial services, a July 2026 study by Crisil Coalition Greenwich found that more than half of U.S. brokers expect to increase headcount across desk coverage (52 %), on‑desk trade assistants (48 %) and algorithmic sales (45 %). The hiring plans come amid near‑record equity‑trading volumes and expectations of further growth driven by high‑profile initial public offerings, including those of SpaceX and OpenAI.
The same study reports that about one third of brokers currently use AI for real‑time algorithm optimization (32 %), venue selection (29 %) and market‑data analysis (29 %). Compliance and surveillance adoption remains low at 12 %, but 44 % of brokers plan to implement it in the near term.
Jesse Forster, senior analyst in Market Structure and Technology at Crisil Coalition Greenwich, said the human element is becoming more central. "As automation handles routine tasks, brokers see rising value in judgment, client relationships, exception management, and the ability to explain and defend decisions – skills machines still cannot replicate," he noted.
On the retail side, Bank of America announced enhancements to EricaAssist, its generative‑AI‑powered tool that supports more than 18,000 customer‑service representatives. The updated system delivers contextual guidance in under three seconds, helping employees summarize client needs, surface relevant information and recommend next steps without interrupting the conversation. Bank of America said EricaAssist already reduces average call times by nearly one minute per interaction. The bank spends $14 billion annually on technology, of which more than $4 billion is directed toward new initiatives including AI.
Ashley Ross, head of consumer client experience and business transformation at Bank of America, said the tool "reflects our high‑tech, high‑touch approach." She added that the bank plans to expand EricaAssist to additional servicing scenarios and business lines later in 2026.
For independent advisors, Vise Technologies, Inc. and Alpha Architect have partnered to bring AI‑powered, tax‑optimized custom model portfolios to RIAs of all sizes. The integration allows advisors on the Vise platform to deploy Alpha Architect’s research‑driven, rules‑based investment strategies and tailor each one to individual clients, accounting for concentrated positions, values‑based exclusions and tax circumstances.
Vise’s platform holds more than $100 billion in platform assets across more than 100 advisory firms and 135,000 accounts. Samir Vasavada, CEO and co‑founder of Vise, said the partnership gives advisors "the capability they have long sought." Jack Vogel, co‑chief investment officer of Alpha Architect, echoed that sentiment, noting that the combination "never really existed" before.
The developments illustrate a market that is moving quickly, even if the return on that speed remains to be calculated for many firms. As AI adoption accelerates across wealth management, capital markets and retail banking, the industry’s challenge is to translate investment into measurable outcomes.
In the coming months, firms will likely focus on building unified data layers, establishing clear ROI metrics, and expanding AI applications that enhance human judgment rather than replace it. Regulatory bodies and industry groups may also step in to provide guidance on best practices for measuring AI impact.
The story remains open: how quickly can the financial sector close the gap between ambition and accountability, and what new AI tools will emerge to deliver tangible value to clients and employees alike?
