AI & Compliance + RIA Trends from BNY Insite 2025

As AI continues to reshape financial services, many RIAs are asking the same question: what’s the SEC going to do about it? The short answer: not much yet—but that’s changing.

At a recent roundtable, SEC Commissioner Mark Uyeda called for a “technology-neutral” approach to AI. He also acknowledged that today’s rules may not fully cover tomorrow’s risks. For now, the working assumption is: AI is fine—as long as it doesn’t break existing regulations. That means firms are still on the hook if AI tools hallucinate, miscalculate, or mislead clients.

To stay compliant, the human-in-the-loop model is essential. Any AI-generated insights, projections, or client-facing materials should still go through human review before being shared.

Meanwhile, AI is already driving meaningful efficiencies. Platforms like Wavvest are using AI to:

• Extract and analyze data from tax returns, account statements, and employment agreements

• Draft flexible, client-specific financial plans in minutes

• Surface actionable insights faster than traditional workflows
  

This creates enormous value—especially for firms serving a growing number of clients without scaling headcount. Firms should carefully select what they feel comfortable with AI being involved in.  For example, firms might be comfortable with AI assisting with planning—but it shouldn’t trade accounts or move money. Some firms are forming AI governance committees, but many still lack internal expertise to evaluate these tools confidently.

On the regulatory side, the SEC has yet to issue formal AI rules but is laying the groundwork behind the scenes:

• Building a cross-agency AI working group

• Evaluating AI use cases

• Hiring technical talent and launching AI training programs

• Taking a “sandbox” approach allowing firms to experiment with AI to test the boundaries before creating a rigid regulatory framework

  
  

What RIAs Should Do Now:

• Document where AI is used in your workflows

• Ensure human review for all client-facing outputs

• Vet vendors for data privacy and compliance readiness

• Be ready to explain how your AI tools work—and why you trust them

  
  

AI isn’t just hype—it’s becoming infrastructure. The RIAs that embrace it thoughtfully, with compliance baked in, will be far better positioned as the rules evolve.

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RIA Trends from BNY Insite 2025

RIAs are under increasing pressure to evolve. Whether it's competition from newer entrants or growing client expectations, staying stagnant is no longer an option. At this year’s BNY Insite Conference, leading firms shared how they’re navigating the crossroads of innovation and execution.

Focus Beats FrenzyLiz Nesvold, Executive at Emigrant Partners, emphasized the importance of strategic focus. Reflecting on her time scaling Silver Lane Advisors, she cautioned against trying to do too much at once:

“One year, we came away with 12 great ideas—and didn’t fully complete a single one. I learned you can only push through 2–3 major initiatives per year. Two is preferred.”

Expanding In-House Capabilities

Thomas Carroll, CEO of Homrich Berg, discussed his firm’s push to bring more trust, estate, and tax expertise in-house. As clients increasingly seek integrated advice, RIAs are evolving into full-service financial hubs—not just investment managers.

Streamlining Onboarding

One of the most overlooked inefficiencies? Onboarding. Many firms still rely on slow, manual processes that frustrate prospects and drag out account openings. Embracing fully digital, client-friendly onboarding can be a clear competitive edge.

Reaching the Next Gen

Jim Dickson, CEO of Elevation Point, called out the industry's lag in building digital-first growth strategies:

“The strategies that worked with grandma and grandpa won’t cut it for their grandchildren. We’re rethinking how we engage and build our digital war chest for the future.”

AI as a Force Multiplier

Forward-thinking firms are leveraging AI not just for client personalization but also to improve marketing, compliance, and back-office workflows. As tech continues to mature, expect AI to play a growing role in how firms scale intelligently.