Despite heavy marketing from data and AI vendors, top advisers to the ultra-wealthy say artificial intelligence has yet to transform how new clients are won. Trust, not technology, still drives growth at the very top end of wealth management.
AI tools can help identify ultra-high-net-worth individuals and surface contact details, but advisers say that access alone does not lead to relationships.
“When you’re targeting people with more than $100 million, it’s unrealistic to think they’ll respond to a cold email with their balance sheet,” said Matthew Fleissig, CEO and co-founder of Pathstone, an RIA overseeing $182 billion in assets.
Instead, Fleissig said growth comes from deeply personal service and word-of-mouth. He pointed to a moment when Pathstone arranged a private jet within an hour to help a client reach a dying parent. Those experiences, he said, are what generate referrals and long-term trust.
He remains unconvinced that AI-driven prospecting tools represent anything fundamentally new.
“These databases have existed for years,” Fleissig said. “Now they’ve added an AI layer to mine the same public or paid data. We can already do that ourselves.”
A senior growth executive at a national high-end RIA echoed that view after reviewing more than 20 AI prospecting demos in recent months. Many, he said, rely on the same mainstream large language models.
“You’re essentially repainting one of a handful of LLMs and claiming superior data,” he said, speaking anonymously. “At that point, do I spend six figures, or ask my internal team to build something similar at a fraction of the cost?”
Andrew Douglass, head of growth at AlTi Tiedemann Global, said non-exclusive data offers little advantage. When the firm previously used cold-calling lists, prospects typically already had advisors or had been contacted repeatedly by competitors.
Over the last five years, referrals have accounted for about 40% of AlTi’s organic growth, with personal networks contributing another 30%. The remaining growth has come from relationships with professionals such as estate attorneys and accountants, particularly around liquidity events like business sales or inheritances.
Douglass said simply setting high asset minimums is not an effective growth strategy. Instead, he believes firms need to position themselves as subject-matter experts and consistently show up where trusted professional communities gather.
This referral-driven approach is slow. Winning an ultra-wealthy client can take a year or more. But Douglass said the firm prioritises quality over volume. AlTi targets 25 to 30 new U.S. clients annually, translating to roughly $1.5 billion to $2 billion in new assets.
AI prospecting startups acknowledge the scepticism. Eden Ovadia, CEO of Finny, said she positions AI as a supplement to traditional relationship-building, not a replacement.
She said advisers often use Finny to identify the right audience for exclusive events or to spot individuals likely to need advice following major life changes, such as high-value property purchases.
“There’s a perception among ultra-wealthy firms that AI conflicts with white-glove service,” Ovadia said. “But the goal is actually to give advisers deeper insight into prospects and clients than they might otherwise have.”
Finny can also monitor existing clients for signs of dissatisfaction, such as searching online for investment advice.
Fleissig said he is more interested in AI as a discovery channel rather than a prospecting tool. Recently, Pathstone has received multiple inbound inquiries from individuals worth more than $100 million via AI-powered search platforms.
Douglass said AI has not yet altered AlTi’s growth model, but he remains open to change.
“If someone builds something genuinely better,” he said, “we’ll absolutely pay attention.”
