Raymond James Monetary this week joined a rising variety of firms throughout industries, together with monetary companies corporations, so as to add a chief synthetic intelligence officer to its C-suite.
The agency promoted Stuart Feld to the newly created publish. Going ahead, he’ll function the agency’s principal AI architect and oversee the expertise’s improvement and deployment for advisor—and client-related functions.
Feld joins Swatee Singh of TIAA, Andrew Chin of AllianceBernstein, and Anderson Monken of the Federal Reserve Board, amongst others, in having the title.
Feld, an trade veteran, has been with Raymond James for nearly seven years and has served in expertise management roles at Prudential, UBS Wealth Administration Americas and JP Morgan Chase.
Within the assertion saying the promotion, CEO Paul Shoukry stated the brand new expertise would give attention to a number of key areas, together with enchancment in servicing (each internally and for purchasers), automating advisory duties and producing and making use of data-based insights and analytics to personalize shopper recommendation.
Use of AI is not new at Raymond James, with the agency having employed machine studying within the areas of digital communications assessment and compliance, cybersecurity and operations monitoring for a number of years.
For instance, the agency rolled out its Alternatives software in late 2022, which makes use of machine studying and analytics to assist advisors establish subsequent finest actions for purchasers.
“Our philosophy is to enhance, not change, the human contact by lowering administrative workload and empowering associates and advisors to higher serve their purchasers,” Feld stated in an announcement, which additionally famous all of the agency’s instruments are developed in collaboration with the corporate’s Know-how Advisory Council and solely with sensible, real-world enterprise purposes in thoughts.
Total, numbers for chief AI officers are laborious to return by. In its late 2023 AI Priorities Examine, Foundry, part of writer IDG, discovered that 11% of midsize to giant organizations already had a CAIO, whereas one other 21% had been actively looking for one. The research surveyed 965 IT decision-makers from all over the world (half from North America).
A June 2024 ballot of 1,808 government leaders by analysis agency Gartner discovered that whereas a little bit greater than half of their organizations had a pacesetter whose position included main AI efforts, solely 12% stated these leaders had the title of CAIO.
