5 Ways Financial Advisors Are Using AI Wrong (And How to Fix It) | 5 Things

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AI will transform your financial advisory practice, but are you using it correctly? Many advisors are making critical mistakes that undercut trust, dilute strategy, and waste time.

Matt Neuman, Chief Strategy Officer at Advisors Excel, breaks down the 5 most common AI mistakes financial advisors make and exactly how to fix them.

Here's whats in store:

00:00 AI + Financial Services
01:05 Outsourcing AI Instead of Owning It
02:43 Using AI for Human Connection Tasks
04:51 Discover Your Advisor Success Track
06:09 Ignoring AI Advisory Boards & Personas
08:22 Not Using AI as a Thought Partner
11:20 Missing the CRIT Framework
16:17 The Bottom Line

#financialadvisor #artificialintelligence #advisormarketing #financialadvisormarketing #aiforbusiness
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THE CRIT FRAMEWORK EXPLAINED:

C = Context (Give AI your specific situation and goals)
R = Role (Tell AI what expert perspective to take)
I = Interview (Let AI ask you clarifying questions)
T = Task (Specify exactly what output you need)

EXAMPLE PROMPT FROM MATT:

CONTEXT: I am an independent financial advisor in Kansas running a firm that generates about $2 million in annual revenue. My focus is on helping retirees and pre-retirees with financial planning, retirement income strategies, and wealth management. I want to grow my top-line revenue by 30% in the next year, grow my profitability by 20% and improve both lead generation and client retention. Other key details you should consider are:

My target audience is affluent couples aged 55–70 in NE Kansas.

Current marketing activities: monthly educational seminars, a weekly radio show, monthly client events for retention & referrals, and a little digital advertising on Facebook.

Marketing budget: roughly 12% of annual revenue.

I have one marketing director who oversees all this and 3 other staff members who help execute our marketing activities.

I want to improve ROI tracking so I know which activities are really working.

I also want fresh ideas beyond what I’ve been doing the past few years. Maybe one additional marketing funnel next year.

ROLE: Act as a senior marketing strategist who specializes in privately-owned financial services firms. You have deep expertise in helping advisors balance traditional and digital marketing, set budgets, and measure ROI.

INTERVIEW: Ask me one question at a time, up to 5 questions total, if you’d like more insight or clarity before giving me advice.

TASK: Create a strategic marketing plan for next year that includes:

Recommended marketing mix (traditional vs. digital) tailored to my audience.

Suggested budget allocation (percentages and rationale).

Key performance indicators (KPIs) and ROI tracking methods.

New campaign ideas that could differentiate me in a competitive market.

A quarterly roadmap showing how to execute.

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For financial professional use only – not intended for use by the general public.