How Raymond James Is Putting AI Into Practice

Raymond James is working to help advisors host remote client reviews in a variety of web-based locations, such as “inside augmented reality in virtual rooms across great distances,” explains David Lillis, vice president of technology, in a recent podcast interview.

“Imagine a blended experience that leverages education … with a remote [meeting] — a metaverse experience,” says Lillis, who manages the user and learning experience group at Raymond James.

It’s part of the firm’s exploration and testing of new initiatives using AI and augmented reality, he points out, adding that Raymond James — a finalist in ThinkAdvisor’s 2022 LUMINARIES award program — already uses AI to improve efficiency and streamline management systems.

About two years ago, it began work on demonstrating an augmented reality app that let advisors “meet up” in a virtual room, such as the one Lillis describes.

The company also has shared the initial developments of its multi-phase “Opportunities” technology with the firm’s employee and affiliated independent advisors. These tools proactively identify and predict client needs with notifications and suggested action steps for advisors, which incorporate their entire books of businesses, Lillis says.

For instance, the technology alerts advisors and prompts them to initiate “target touchpoints” with clients, like changing an appointment or working on cash distributions tied to important life events.

These suggestions pop up on advisors’ screens when they log into the firm’s Advisor Access dashboard. Advisors can then drill down for more details.

“Say a client is having an upcoming 25th wedding anniversary. You could schedule somebody on your team to get them a gift,” or you could send [the client] “a special communication,” Lillis says.

The Opportunities technology is designed to promote stronger client relationships and overall practice growth, and it does so by maximizing advisors’ valuable time, he explains: “Technology [enables] efficiency, makes things effortless and [also] provides [innovations] for support teams [to help with or eliminate] mundane tasks and manual processes.”

But, he adds, “it’s critical for advisors to know how to leverage” all these new tools.

Lillis, who’s been with Raymond James for 16 years, worked earlier as a private consultant for companies and government agencies. As a certified trainer for Microsoft, he taught engineers with the National Aeronautics and Space Administration how to implement emerging technology.

As for Raymond James being named a LUMINARIES finalist in 2022, he calls that recognition “motivating. It gives me incentive and drive to continue to improve and evolve in delivering technology education to advisors.”

To hear the full interview with David Lillis, listen to the above podcast.