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A live panel from our November 2024 Virtual Tech & Ops Conference discussing AI adoption in family offices, with practical use cases, challenges, and insights from leading industries.
This panel explored AI adoption trends in family office operations, covering practical use cases, challenges, and strategies for implementation. It also drew insights from industries at the forefront of AI adoption.
Moderated by:
Tania Neild, CTO & Owner, InfoGrate
Panellists:
Yoni Malchi, MD, AI & Data Solutions Consulting, World Wide Technology
Amy Freidinger, Chief Operating Officer, Tao Capital Partners Tim Macherone, COO, Shade Tree Advisors
Neil D'Anniballe, Principal, Manager, Private Client Systems, Brown Advisory
Summary
00:30 Part 1: Tania Neild & Yoni Malchi
03:15 AI's Evolution: Differentiating traditional machine learning from generative AI, which rose with ChatGPT in 2022.
6:30 Security & Data: Securing gen AI, addressing risks of public data training, and methods like fine-tuning and RAG for proprietary data.
10:40 Applications & Limits: AI's growing but limited ability to process data tasks like balance sheets and general ledgers; improvements in GPT-40's table and diagram processing.
12:50 Security Tips: Virtual private clouds vs on-premises solutions, and guardrails to prevent bias, data leaks, and prompt injection.
15:00 Part 2: Discussion of practical use cases
16:00 Panelists: Amy (single-family office, 30 employees), Tim (multifamily office, 60 employees), and Neil (large organization, 1,000 employees). Three AI Strategies: Co-Pilot; private ChatGPT; integrating AI through the FO’s main operating system.
17:20 AI Use Cases: project management, document handling, bill payments, investment research, presentations, and legal reviews.
18:05 Neil: Built an AI-powered research hub for investment insights and client queries. Focused on adoption through easy wins, with success measured by usage and reduced inquiries.
23:03 Amy: Automated alternative statements processing, saving time and improving efficiency in the spirit of "progress over perfection". Future plans: integrate AI into general ledger and streamline cash management.
28:17 Tim: Automated custodial statement processing with 96% accuracy, reducing time from 8 to 1.5 minutes per statement. Tackled challenges with capital account statements and focused on high-impact tasks.
33:16 Bill Payments: Amy’s team automated OCR-based bill payments, simplifying workflows and improving accuracy.
36:46 Legal Reviews: Tim’s AI analyzed and summarized legal documents efficiently, indexing 500,000+ documents for better data access.
41:55 Project Management: Neil automated tagging and migration of documents into Box, linking them with Salesforce. Amy used Monday.com and Co-Pilot for CRM projects, meeting notes, and task summaries.
46:58 Change Management: Incremental adoption of AI recording/transcription tools in sensitive settings improved engagement and action tracking. Engage employees to design and adopt new roles with technology.
50:12 Benchmarks: Tim’s AI integrated external benchmark data with internal systems, automating repetitive monthly tasks.
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