Rick Nott Uses AI to Cut 750-1,500 Hours of Wealth-Reporting Work
Updated
Updated · Business Insider · Oct 26
Rick Nott Uses AI to Cut 750-1,500 Hours of Wealth-Reporting Work
3 articles · Updated · Business Insider · Oct 26
Summary
Angeles Wealth Management advisor Rick Nott said AI now automates enough data collection and portfolio analysis to deliver roughly another full-time employee’s worth of output.
For 30 families with about 10 private investments each, roughly 3,000 annual documents can consume 750 to 1,500 analyst hours; Nott said AI extracts and maps that data as it arrives, leaving one analyst to review.
That efficiency lets him extend detailed balance-sheet reporting beyond clients with more than $100 million and move toward near-real-time, one-page reports and faster client emails built from short prompts.
Nott still sees limits: token-based pricing on AI platforms could produce unexpectedly high bills for small RIAs, and he argues note-taking and advice around money still require human review and personal trust.