Thought Leadership on AI, Human Touch, and the Future of Wealth Management

As the financial advisory landscape evolves, technology continues to reshape how advisors serve clients, manage operations, and grow their practices. In this episode of the Only Human Podcast, Yohance Harrison sits down with the Hazel team from Altruist Financial to discuss the journey of Hazel AI, its impact on advisors, and the broader implications of artificial intelligence in wealth management.

The Birth of Hazel: From Time to AI-Driven Advisory Tools

Hazel’s story began with a passion for personal finance and a desire to address inefficiencies in the advisor tech stack. Originally named "Thyme," the product was conceived by Fernando and Daniel, both with backgrounds in banking and fintech. Their early insight was that direct-to-consumer financial tools faced significant adoption barriers, but advisors—who sit at the heart of client relationships—could benefit immensely from intelligent automation.

Hazel’s initial offering focused on note-taking, a pain point for many advisors juggling numerous client meetings. By automating meeting notes and follow-up actions, Hazel freed up valuable hours and reduced manual errors. Over 10 months, the product expanded to include forms, document management, and integrations, culminating in a partnership with Altruist Financial and a rebrand to Hazel AI. This collaboration brought together a shared vision for transforming wealth management through technology, with Hazel now serving over a thousand advisors and counting.

Synergy, Security, and Staying Human

A key theme in the conversation is the synergy between Hazel and Altruist, driven by a commitment to ethics, user-centric design, and a deep understanding of advisors’ needs. The team emphasizes that AI is not about replacing humans but empowering them—making advisors more effective, not unnecessary.

Security and privacy are paramount in any fintech solution, especially when handling sensitive client data. Hazel distinguishes itself with zero data retention agreements with its AI providers, ensuring that client information is never used for training or retained beyond the minimal time required for processing. Advisors retain full control over their data, with options to delete transcripts, notes, and chat sessions at any time. This approach addresses both regulatory requirements and the "secret sauce" concerns of advisory practices.

Personalization at Scale: The Human-AI Partnership

One of the most compelling advantages of AI in wealth management is the ability to deliver personalized service at scale. Hazel’s integration with custodial platforms allows advisors to query client data, generate reports, and automate routine tasks with unprecedented speed and accuracy. Yet, as the Hazel team points out, AI cannot replicate human empathy, accountability, or kindness. The advisor’s role as a trusted guide remains central, with AI serving as a co-pilot that amplifies the advisor’s impact.

This partnership is increasingly important as the industry faces a shortage of advisors due to demographic shifts. With AI handling administrative burdens, advisors can focus on deepening client relationships, growing their businesses, and delivering tailored advice to more households.

Marry, Divorce, Date: Evaluating the Advisor Tech Stack

The episode’s "Marry, Divorce, Date" segment offers practical guidance for advisors reviewing their technology choices:

• Marry: Choose custodians and platforms that align with your best interests and avoid conflicts of interest. Altruist is highlighted as a partner that supports advisors without competing for their clients.
• Date: Explore AI-powered tools like Hazel that are rapidly evolving and offer opportunities to influence product development through user feedback.
• Divorce: Move away from legacy platforms that hold your data hostage or fail to integrate with modern workflows. Advisors should seek solutions that provide data portability and seamless integrations.

The Future: Unified Intelligence and Efficient Growth

Looking ahead, the Hazel team envisions a unified intelligence layer for wealth management—a platform that connects to CRMs, planning software, custodians, and more. Rather than replacing specific tools, Hazel aims to orchestrate actions and insights across the entire tech stack, enabling efficient growth and superior client experiences.

As AI capabilities expand to include tax, planning, and investment tasks, advisors will be able to serve more clients with greater precision and less friction. The message is clear: now is the time for advisors to review their tech stack, embrace change, and harness technology to enhance—not replace—the human element in financial advice.

In summary, this episode underscores the importance of thoughtful technology adoption, robust security practices, and a relentless focus on client outcomes. Advisors who leverage AI as a partner will be well-positioned to thrive in the next era of wealth management.

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