Wells Fargo Wealth Unit Drives Productivity Boom With New AI Suite

Wells Fargo’s Wealth & Investment Management business has invested over $1 billion over the past several years to modernize its technology platform, with a new generative artificial intelligence-powered suite of tools for financial advisors being the latest addition, Wells Fargo Chairman and CEO Charlie Scharf said Tuesday (July 14) during an earnings call . Get the Full Story Complete the form to unlock this article and enjoy unlimited free access to all PYMNTS content — no additional logins required. yes Subscribe to our daily newsletter, PYMNTS Today. By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions . Δ The bank launched the Advisor Gateway during the second quarter to give financial advisors “better tools to serve clients and grow their practices,” Scharf said. When announcing its launch of the Advisor Gateway in May, Wells Fargo said in a press release that this desktop technology offers financial advisors access to more than 200 tools and applications, including goal planning software, research tools and a centralized resource for alternative investments. Scharf said during Tuesday’s call: “Investments like this are improving productivity, strengthening the client experience, and driving improved advisor hiring and retention.” Wells Fargo saw broad-based economic strength across the United States during the second quarter, according to a Tuesday earnings release . Scharf said in the release that consumer spending was higher,charge-offs and delinquencies were lower, and savings and investments were growing. He added that while businesses were cautious during the quarter, their balance sheets, cash flows and credit performance remained strong. As f...