This marriage of advanced technology with the art of people-to-people financial management holds significant implications for advisors and clients, ushering in a new era of efficiency, personalization, and data-driven decision-making.

With that said, AI in wealth management isn’t about replacing human advisors; rather, it serves as a powerful tool to augment our capabilities.

While we can use this technology to the benefit of our clients, we must not lose sight of the fact this is a people-to-people business. Our clients don’t want to have their money managed by a robot, they want us, the advisors at the helm.

Wealth is personal

Trust is a cornerstone of any successful advisory relationship. AI can process information, but it lacks the emotional intelligence that is necessary to build trust and rapport with clients. Human advisors can establish a connection, instill confidence, and navigate delicate financial discussions with empathy.

For wealth advisors, AI does offer a plethora of advantages, the most prominent being enhanced data analysis. With the ability to process vast amounts of financial data in real time, AI algorithms can identify trends, assess risks, and uncover opportunities that may elude even the most seasoned human advisors.

One key area where AI proves invaluable is in day-to-day portfolio management. Through machine learning algorithms, wealth advisors can optimize investment strategies based on historical data, market trends, and individual risk tolerance. This level of precision allows for more tailored and diversified portfolios, ultimately maximizing returns for clients while managing risks prudently.

AI also facilitates a more personalized client experience. By analyzing client behavior, preferences, and financial goals, wealth advisors can use AI to customize their advice and recommendations. This not only fosters stronger client-advisor relationships but also ensures that financial plans align closely with the unique needs and aspirations of each individual.

Striking the right balance

Critics may express concerns about the potential depersonalization of financial advice with the increasing role of AI. However, the reality is quite the opposite. While AI handles data processing and analysis efficiently, human advisors bring a nuanced understanding of individual circumstances, empathy, and the ability to navigate the emotional aspects of financial decision-making. The collaboration between human advisors and AI creates a synergy that optimizes both the analytical and emotional dimensions of wealth management.

It’s incumbent on all wealth advisors to embrace AI in our wealth advisory practices because it aligns with the principles of efficiency, innovation, and individual empowerment. The ability to harness the full potential of technology ensures that fiscal responsibility and prudent financial management are upheld in an increasingly complex financial landscape.

Nevertheless, it is crucial to recognize that the integration of AI in wealth management comes with its own set of challenges, including issues related to data privacy, security, and the need for regulatory frameworks to keep pace with technological advancements. Striking the right balance between innovation and safeguarding client interests should remain a priority for both wealth advisors and policymakers.

As we navigate this evolving landscape, financial advisors should embrace the possibilities that AI brings while remaining vigilant in addressing the ethical and regulatory considerations that accompany such advancements.

AI can help in many ways–but nothing will ever replace the personal relationship between an advisor and their client.

Bob Rubin is the founder and president of Rubin Wealth Advisors.

More must-read commentary published by Fortune:

• Economic pessimists’ bet on a 2023 recession failed. Why are they doubling down in 2024?
• COVID-19 v. Flu: A ‘much more serious threat,’ new study into long-term risks concludes
• Access to modern stoves could be a game-changer for Africa’s economic development–and help cut the equivalent of the carbon dioxide emitted by the world’s planes and ships
• ‘Parroting Putin’s propaganda’: The business exodus over Ukraine was no Russian bonanza

The opinions expressed in Fortune.com commentary pieces are solely the views of their authors and do not necessarily reflect the opinions and beliefs of Fortune.